Core Points - The Swiss National Bank (SNB) will start releasing delayed summaries of its monetary policy meetings to enhance clarity and credibility in its decision-making process [1] - The new system will take effect four weeks after the next interest rate decision on September 25, providing insights into the central bank's considerations [1] - SNB President Martin Schlegel emphasized that clear communication is crucial for maintaining low inflation targets [1] Summary by Sections Monetary Policy Communication - The delayed summaries will cover a two-day review process, offering a comprehensive assessment of the current economic and monetary situation [1] - The summaries will not include individual policy members' specific positions or voting details to ensure consistency [1] Market Impact - This initiative aims to enhance the transparency of the SNB's policy communication, complementing existing methods such as press conferences and quarterly economic forecasts [1] - Market analysts suggest that the new data dimension will help traders better understand the policy-making logic, although the four-week delay may limit the timeliness of the information [1][2]

Core Viewpoint - The People's Bank of China (PBOC) has announced a significant operation of 1 trillion yuan buyout reverse repos starting from June 6, 2025, to maintain liquidity in the banking system, marking a shift in its usual announcement timing from the end of the month to the beginning [1][4][6] Group 1: Operation Details - The buyout reverse repo operation will be conducted with a fixed amount and interest rate bidding, with a term of 3 months (91 days) [1] - This tool, introduced in October 2024, aims to enhance liquidity management and cross-period adjustment capabilities within one year [1][5] - The PBOC has conducted multiple buyout reverse repo operations up to early June 2025, indicating a proactive approach to liquidity management [1] Group 2: Reasons for the Operation - The operation is primarily aimed at countering liquidity pressure, as 1.2 trillion yuan of reverse repos will mature in June [3][4] - It also serves to strengthen expectation management and policy transparency, with the PBOC breaking the convention of announcing operations at the end of the month [4][6] - The move is seen as a response to the high volume of interbank certificates of deposit maturing in June, which is expected to reach 4.2 trillion yuan, the highest monthly record [4][9] Group 3: Market Impact and Future Outlook - The announcement is expected to stabilize market expectations and maintain a reasonable liquidity level in the banking system [4][6] - Analysts suggest that the buyout reverse repo will complement the Medium-term Lending Facility (MLF) as a channel for medium to long-term liquidity [5][9] - The PBOC's actions are viewed as part of a broader strategy to support credit growth to the real economy and manage liquidity effectively [5][9]