为推进这项转型并测试市场反应与传导效果，中国央行需要更频繁地进行流动性操作并提升定价透明度。例如，人行宣布于10月21日至11月2日期间开展隔夜逆回购操作，打破了以往仅在月末或税期才使用该工具的惯例，南华期货分析师认为此举正是为了向隔夜政策利率过渡奠定基础。
尽管部分市场参与者将此变革解读为实质性的降息，带动基准债券殖利率走低及一年期利率交换跌至2009年以来新低，但官方正试图淡化宽松预期。人行旗下《金融时报》引述专家观点强调，不应将价格型政策框架的改革与降息混为一谈；天风证券则预计，待传导测试完成后，隔夜公开市场操作利率有望在2027年上半年正式确立为基准锚。
Analysts indicate that the People's Bank of China (PBOC) may be embarking on a multi-month transition to shift its monetary policy benchmark from the current seven-day tenor to an overnight policy interest rate. Following Governor Pan Gongsheng's signal to study replacing the benchmark with an overnight tenor, analysts at Société Générale SA and Tianfeng Securities view the switch as a gradual process aimed at refining the monetary policy framework and placing greater emphasis on interest-rate guidance, which could directly impact market funding costs.
To advance this transition and test market reception and transmission efficacy, China's central bank will need to conduct more frequent liquidity operations and improve pricing transparency. Demonstrating this step-by-step approach, the PBOC announced overnight reverse repo operations from October 21 to November 2, moving beyond its prior practice of restricting such tools to month-end or tax-payment seasons, a move Nanhua Futures analysts believe is intended to lay the groundwork for the transition.
Although some market participants have interpreted the reform as a de facto rate cut—pushing benchmark bond yields lower and sending China's one-year interest rate swap to its lowest level since 2009—authorities are seeking to downplay easing expectations. PBOC-affiliated newspaper Financial News cited an economist emphasizing that the market should not conflate reforms toward a price-based policy framework with a rate reduction, while Tianfeng Securities expects the overnight open market operation rate to be formally established as the benchmark anchor in the first half of 2027 after transmission testing.