[Pan Gongsheng: Further optimize the short-end interest rate control mechanism] On October 19, at the opening ceremony of the 2026 Financial Street Forum Annual Meeting, Pan Gongsheng, Governor of the People's Bank of China, said that the short-end interest rate control mechanism will be further optimized. The interbank overnight repurchase rate, commonly known as DR001, is the most benchmark interest rate with active transactions in the money market. It can sensitively reflect the supply and demand of short-term funds and has become more stable in recent years. Judging from the current situation, the inter-bank overnight repurchase rate has actually become the target interest rate for the central bank's monetary policy control; but at the same time, the main varieties of the central bank's open market operations and the main policy interest rate period are still 7 days, and the two are not completely consistent. In order to further improve the accuracy of interest rate regulation, the People's Bank of China will consider opportunities to switch the duration of the central bank's main open market operations to overnight, and the open market overnight repurchase rate will accordingly become the main policy interest rate.