PBOC'S PAN said the interbank overnight repo rate has become the policy target rate. Market experts said the shift to make overnight repos the main open-market instrument is a monetary-policy framework reform to refine interest-rate control mechanics, not a conventional rate cut. Wang Jian, chief financial analyst at Guosen Securities' Economic Research Institute, said overnight operations may become routine and the policy rate could transition from 7-day to overnight, but this should not be con

PBOC'S PAN said the interbank overnight repo rate has become the policy target rate. Market experts said the shift to make overnight repos the main open-market instrument is a monetary-policy framework reform to refine interest-rate control mechanics, not a conventional rate cut. Wang Jian, chief financial analyst at Guosen Securities' Economic Research Institute, said overnight operations may become routine and the policy rate could transition from 7-day to overnight, but this should not be conflated with easing. GF Securities chief economist Guo Lei said the measures follow a move toward a price-based framework and warned markets against treating the operational reform as a rate cut to trade on.