On October 19, Pan Gongsheng, Governor of the People's Bank of China, made it clear at the opening ceremony of the 2026 Financial Street Forum annual meeting that the overnight bank repurchase rate has become the target interest rate for monetary policy regulation. An authoritative market expert said that the central bank's research on switching the main types of open market operations is a measure to reform the monetary policy framework. Unlike what is commonly said about monetary policy interest rate cuts and interest rate hikes, the focus is still on continuously improving the operating mechanism of interest rate regulation. Wang Jian, chief financial analyst at the Guoxin Securities Economics Research Institute, believes that as overnight operations become normalized, policy interest rates may transition from 7 days to overnight, but they should not be equated with interest rate cuts. Guo Lei, chief economist at GF Securities, also mentioned that the central bank is continuing to improve its monetary policy regulation framework. The series of system designs are in the same vein, following the idea of shifting to a price-type framework, and the market should also avoid hyping up the central bank's operating mechanism reform measures as interest rate cuts.

On October 19, Pan Gongsheng, Governor of the People's Bank of China, made it clear at the opening ceremony of the 2026 Financial Street Forum annual meeting that the overnight bank repurchase rate has become the target interest rate for monetary policy regulation. An authoritative market expert said that the central bank's research on switching the main types of open market operations is a measure to reform the monetary policy framework. Unlike what is commonly said about monetary policy interest rate cuts and interest rate hikes, the focus is still on continuously improving the operating mechanism of interest rate regulation. Wang Jian, chief financial analyst at the Guoxin Securities Economics Research Institute, believes that as overnight operations become normalized, policy interest rates may transition from 7 days to overnight, but they should not be equated with interest rate cuts. Guo Lei, chief economist at GF Securities, also mentioned that the central bank is continuing to improve its monetary policy regulation framework. The series of system designs are in the same vein, following the idea of shifting to a price-type framework, and the market should also avoid hyping up the central bank's operating mechanism reform measures as interest rate cuts.