The People's Bank of China optimizes the temporary overnight repurchase agreement mechanism for open market operations.

In order to flexibly and efficiently use open market temporary overnight reverse repurchase tools, the People's Bank of China has decided to optimize the operational elements starting from today, adjusting the operation time to 15:00-15:30 on working days, and adjusting the operation rates to deduct 25 basis points and add 25 basis points for 7-day reverse repurchase operations in the open market, respectively. Furthermore, it clarifies the rules for tool usage, and when the overnight interest rate in the money market continues to be lower or higher than the corresponding tool operation rate, the People's Bank of China will initiate the corresponding operation based on the demand of primary dealers.