中国央行宣布，其隔夜逆回购协议利率低于当前的七天基准利率。此前，央行公布了将其作为主要政策工具的计划。
China’s central bank announced the rate on its overnight reverse repurchase agreements is lower than its current seven-day benchmark, after unveiling plans to adopt it as the main policy lever.
中国人民银行周五发布的一份声明显示，该利率目前为1.25%，而当前的七天基准利率为1.4%。虽然央行此前未曾公开隔夜逆回购协议的利率，但据彭博新闻当时报道，在6月首次进行此类操作时，该利率设定为1.25%。
The rate is currently 1.25%, compared with 1.4% on the current seven-day benchmark, according to a statement from the People’s Bank of China on Friday. While the PBOC hasn’t previously made public the rate at which overnight reverse repurchase agreements were conducted, it was set at 1.25% during the first such operation in June, Bloomberg News reported at the time.
央行表示，将从11月2日起每天开展隔夜逆回购操作，并减少七天逆回购交易的频率。后者将仅在缴税期和月末等时段使用。
The central bank will start to conduct overnight reverse repo operations every day starting from Nov. 2, and reduce the frequency of its seven-day reverse repo transactions, it said. The latter will only be used during stretches such as tax payment times and end of month periods.
10月早些时候，央行发出了迄今为止最明确的信号，计划改革其工具箱，从七天逆回购利率转向隔夜利率。此举是数十年来改革中国利率体系、使其摆脱中央计划框架并更好地与其他主要央行接轨的努力的一部分。
Earlier in October, the PBOC gave the clearest signal yet of plans to revamp its toolkit by shifting from the seven-day reverse repo rate to the overnight one. The move would be part of a decades-long effort to reform China’s interest-rate system from a centrally planned framework, and better align the PBOC with other major central banks.
一些分析师预计，主要政策工具的转换将需要数月时间，因为央行可能需要逐步提高隔夜流动性操作的频率。
Some analysts expected the switch in the main policy lever to take months, since the PBOC will likely need to gradually increase the frequency of the overnight liquidity operation.