After the policy rate anchor shift, what changes will the bond market and credit pricing face?

What impact will the "anchor switch" have on the market once implemented? Multiple market analysts believe that this institutional reform is not equivalent to an interest rate cut, but rather a deep optimization of the price-based regulation mechanism of monetary policy. Once the "anchor switch" is implemented, it will reshape the operating landscape of the money and bond markets, reduce banks' overall funding costs, and force banks to restructure their credit pricing systems, exerting multi-layered and far-reaching effects on the entire market.