Shanghai Securities News: Three considerations of shortening interest rate control.

Our country's interest rate regulation is showing a trend towards short-termization. On June 25, 2026, the central bank announced that it would increase the variety of overnight reverse repurchase operations in the open market operations on June 29 and 30, further improving the short-term interest rate regulation mechanism. Experts believe that short-term interest rate regulation may include three core considerations: firstly, adapting to the reshaping financial structure; secondly, stabilizing the operation of financial markets and the valuation of financial products; and thirdly, accurately fitting the direction of monetary policy control transformation. Some institutions believe that the overnight repurchase rate may become a new policy rate in our country. However, some industry insiders believe that even if the policy rate switches to the overnight reverse repurchase rate in the future, it will go through a smooth transition and gradual process, requiring clarification of interest rate spreads for various maturities and switching financial products as interest rate benchmarks.