CITIC Securities pointed out that the opening ceremony of the 2026 Financial Street Forum released many signals of monetary policy reform. Policy interest rates will take the opportunity to switch from 7-day reverse repurchase interest rates to overnight reverse repurchase interest rates, which are expected to guide overnight interest rates to operate at a central low level, and 7-day overnight spreads are expected to expand; broad-spectrum interest rate cuts are expected to be realized as diversification of loan interest rate benchmarks is expected; the creation of liquidity support tools for non-banks and the expansion of SLF application areas are expected to further improve the non-bank liquidity environment. Overall, the central bank has released more signs of easing through a series of policy reforms, which are expected to help stabilize the financial market and restore the real economy.

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