[The open market overnight repo rate will become the main policy interest rate. Experts: This move is more suitable for conveying the stance of monetary policy and should not be hyped as an interest rate cut] On October 21, Pan Gongsheng, Governor of the People's Bank of China, stated at the 2026 Financial Street Forum Annual Meeting on October 19 that he would study opportunities to switch the duration of the central bank's main open market operations to overnight, and the open market overnight repo rate would accordingly become the main policy interest rate. Industry experts interviewed said that with the establishment of the policy interest rate status of the overnight reverse repurchase rate, the "anchor change" of the policy interest rate will be a matter of course. After the adjustment, the monetary policy stance can be conveyed more clearly and the maturity mismatch problem between the policy interest rate and the regulatory target interest rate can be resolved. Experts also reminded that this is a reform of the interest rate control mechanism and does not mean an interest rate cut. The market should not over-interpret it. (Shanghai Securities News)