Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - The probability of the new tool being similar to the US ONRRP is low, and it is more likely to be a relending mechanism similar to the previous SFISF [1][3] - There is a certain probability of the implementation of overnight reverse repurchase measures [4] Group 3: Summary by Relevant Catalog 1. From the US ONRRP 1.1 US ONRRP Establishment Background - Before the 2008 financial crisis, the US followed the "deposit reserve scarcity framework", and the Fed regulated market interest rates through open - market operations of Treasury bonds [8] - After the 2008 financial crisis, the Fed's balance sheet expanded significantly, and the traditional method of controlling the federal funds rate was no longer effective. To prevent interest rate loss of control, the Fed introduced IOER in 2008 and ONRRP in 2013 [10][12] 1.2 ONRRP Key Points - ONRRP is a key monetary policy tool for absorbing excess liquidity and controlling the short - term interest rate floor in an environment of "excess reserves and policy rate loss of control" [2][13] - The main participants are money market funds and government - supported enterprises. Commercial banks rarely participate due to IOER > ONRRP and ONRRP mechanism limitations [2][13] - Money market funds and cash pools can obtain rights to a large general collateral pool held by the Fed through transactions with primary dealers [2][13] 2. How to View the "Mechanism Arrangement for Non - bank Liquidity"? - The new tool is unlikely to be similar to ONRRP. The current market is not in a state of abundant liquidity, and the probability of the central bank recovering liquidity is low. Also, there are many issues to be explored for the central bank to conduct overnight reverse repurchase transactions with non - banks [21][22] - The "mechanism arrangement for providing liquidity to non - bank institutions under specific scenarios" is likely a non - bank relending mechanism similar to that in the bond market, which can form a ceiling for the interbank lending rate when non - bank liquidity is tight [24][25] - There is a certain logical probability of the implementation of overnight reverse repurchase measures. Overseas mainly uses overnight reverse repurchases, and DR001 has been relatively stable since 2025. If the overnight reverse repurchase mechanism is established, overnight OMO may replace 7 - day OMO as the new policy rate [4][26]