PBOC's New Framework Suggests Overnight Repo Rate as Main Policy Tool -- Market Talk

Dow Jones

Jun 18

0128 GMT - PBOC Gov. Gongsheng unveiled new financial policy measures on Wednesday, including a new monetary policy framework, says Ho Woei Chen of UOB's Global Economics & Markets Research in a research report. The "framework will center on the overnight repo rate, with the rate corridor set at +/-25 bps from the central bank's policy rate," the economist notes. The "framework suggests that the PBOC may move to use the overnight rate as its main policy tool in the future to improve policy transmission," she says. Some other measures such as "piloting of the offshore RMB FX trading in Shanghai FTZ," are aimed at pushing for yuan internationalization, the economist adds. The dollar is 0.1% lower at 6.7700 offshore yuan, LSEG data show. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

June 17, 2026 21:28 ET (01:28 GMT)

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Gongsheng unveiled new financial policy measures on Wednesday, including a new monetary policy framework, says Ho Woei Chen of UOB's Global Economics &amp; Markets Research in a research report. The \"framework will center on the overnight repo rate, with the rate corridor set at +/-25 bps from the central bank's policy rate,\" the economist notes. The \"framework suggests that the PBOC may move to use the overnight rate as its main policy tool in the future to improve policy transmission,\" she says. Some other measures such as \"piloting of the offshore RMB FX trading in Shanghai FTZ,\" are aimed at pushing for yuan internationalization, the economist adds. The dollar is 0.1% lower at 6.7700 offshore yuan, LSEG data show. 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Gongsheng unveiled new financial policy measures on Wednesday, including a new monetary policy framework, says Ho Woei Chen of UOB's Global Economics &amp; Markets Research in a research report. The \"framework will center on the overnight repo rate, with the rate corridor set at +/-25 bps from the central bank's policy rate,\" the economist notes. The \"framework suggests that the PBOC may move to use the overnight rate as its main policy tool in the future to improve policy transmission,\" she says. Some other measures such as \"piloting of the offshore RMB FX trading in Shanghai FTZ,\" are aimed at pushing for yuan internationalization, the economist adds. The dollar is 0.1% lower at 6.7700 offshore yuan, LSEG data show. 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Gongsheng unveiled new financial policy measures on Wednesday, including a new monetary policy framework, says Ho Woei Chen of UOB's Global Economics & Markets Research in a research report. The \"framework will center on the overnight repo rate, with the rate corridor set at +/-25 bps from the central bank's policy rate,\" the economist notes. The \"framework suggests that the PBOC may move to use the overnight rate as its main policy tool in the future to improve policy transmission,\" she says. Some other measures such as \"piloting of the offshore RMB FX trading in Shanghai FTZ,\" are aimed at pushing for yuan internationalization, the economist adds. The dollar is 0.1% lower at 6.7700 offshore yuan, LSEG data show. (ronnie.harui@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  June 17, 2026 21:28 ET (01:28 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}