Changes in focus on monetary market interest rates by the central bank, with overnight rates potentially becoming the "new anchor". Short-term liquidity is expected to remain reasonably ample.

From the perspective of policy implementation, the People's Bank of China's focus on money market interest rates has shifted. At a recent press conference held by the State Council Information Office, Vice Governor of the People's Bank of China, Zou Lan, stated that they will "guide the overnight rate to operate near the policy rate level." Industry insiders believe that this statement shows that the central bank's short-term interest rate control strategy is becoming clearer, with the importance of DR001 in monetary policy operations increasing. However, the 7-day reverse repurchase rate remains the core policy rate. With a clearer interest rate corridor and a more diverse range of tools, the short-term funding market is expected to remain reasonably abundant and balanced towards ease.