PBOC to Hold Overnight Reverse Repo Tenders Every Business Day from November 2 in Overhaul of Short-Term Rate Control Framework

People's Bank of China Open Market Operations Announcement

[2026] No. 13

To all primary dealers in open market operations:

To further optimize the short-term interest rate control mechanism, open market operations will be adjusted as follows starting from November 2, 2026:

1. Overnight reverse repo tenders will be conducted every business day, using a fixed rate with quantity tendering. The current operating rate is 1.25%.

2. The 7-day reverse repo operation is adjusted to a fixed-quantity, rate-tender format with multiple-price awards, and will mainly be conducted at time points such as tax periods and month-ends.

3. Other facilities previously priced as spreads over the 7-day reverse repo rate, including temporary forward/reverse repos and the repo facility for overseas central bank-type institutions, will all be adjusted to be priced as spreads over the overnight reverse repo rate, with the spread magnitudes unchanged.

This notice is hereby given.

Open Market Operations Office, the People's Bank of China

October 30, 2026