Industrial Securities Research says conditions are increasingly in place to make the overnight reverse repo the policy-rate anchor. If the anchor is switched from the 7‑day OMO rate to the overnight OMO rate while the quoted reverse repo rate is unchanged, the report estimates about a 10bp quasi-rate cut. The report adds that an anchor swap could deliver structural market easing without cutting the LPR, supporting bank NIMs on the asset side; on the liability side, by analogy with the March 2025

Industrial Securities Research says conditions are increasingly in place to make the overnight reverse repo the policy-rate anchor. If the anchor is switched from the 7‑day OMO rate to the overnight OMO rate while the quoted reverse repo rate is unchanged, the report estimates about a 10bp quasi-rate cut. The report adds that an anchor swap could deliver structural market easing without cutting the LPR, supporting bank NIMs on the asset side; on the liability side, by analogy with the March 2025 MLF reform, 7‑day OMOs could shift to rate-based, multi-price allotment—and with ample liquidity and competitive primary-dealer bidding actual allotment rates could fall, relieving interbank funding costs.