Pan Gongsheng: Plan to switch the core operating variety of the open market to overnight repurchase

At the 2026 Financial Street Forum, the Governor of the People's Bank of China, Pan Gongsheng, elaborated on the path of interest rate marketization reform, planning to switch the core operating product of the open market from 7-day reverse repurchase to overnight repurchase at an appropriate time, making overnight repurchase rate the main policy interest rate. In the future, corporate loans, bonds, and interest rate derivatives will use closer reference interest rates to hedge interest rate risk.