Monetary Policy & Money Markets

A core PBoC open-market rate used to influence short-term funding conditions and the interbank liquidity environment.

A bank lending reference rate quoted by designated banks and linked to the transmission of monetary policy into loan pricing.

A PBoC liquidity facility that provides medium-term funding to eligible financial institutions and has played an important role in China’s policy transmission framework.

The share of eligible deposits banks must hold as required reserves, making changes in the ratio an important structural liquidity tool.

A PBoC facility designed to provide liquidity support to eligible financial institutions and help form the upper side of the interest-rate corridor.

A targeted central-bank funding facility historically associated with policy-bank financing and selected policy objectives.

A widely watched seven-day pledged repo rate for transactions involving depository institutions, often used to read interbank funding conditions.

An overnight repo reference that captures very short-term funding conditions among depository institutions.

A seven-day repo-market rate with a broader participant set than DR007, useful for understanding funding conditions beyond depository institutions.

A family of unsecured interbank offered rates published across maturities and used as a reference within China’s money markets.

The operational framework through which the PBoC injects or withdraws liquidity using instruments including reverse repos and other transactions.

The set of policy and market rates that helps anchor short-term money-market pricing around the PBoC’s desired operating conditions.

Central-bank funding programmes that channel liquidity toward designated sectors or policy objectives through financial institutions.

A central-bank instrument connected to eligible bills and targeted liquidity provision within China’s credit system.

A reference map linking PBoC operating tools, interbank rates, bank funding, loan pricing, bond yields, credit creation and the exchange rate.