EM Quicktake: New PBoC facilities announced at Lujiazui: Refined policy framework and expanded access

研报英文原文证据摘录

EM Quicktake: New PBoC facilities announced at Lujiazui: Refined policy framework and expanded access

J P M O R G A N Global Markets Strategy

17 June 2026

EM Quicktake: New PBoC

facilities announced at Lujiazui

Refined policy framework and expanded access

• At the widely watched Lujiazui Forum today (Wednesday), Chinese Emerging Markets Strategy

AC regulators announced a set of measures to refine the monetary policy Tiffany Wang

framework and deepen financial market development. While the near-term (852) 2800-1726

market impact is modest, these steps could shape the medium-term trajectory tiffany.r.wang@jpmorgan.com

of China’s financial system. J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

• Monetary policy framework shifts towards the short end: The PBoC Arindam Sandilya

refined its overnight liquidity facility, narrowed the rate corridor to ±25bp (65) 6882-7759

around the 7-day reverse repo rate (from +50/-20bp previously) and signaled arindam.x.sandilya@jpmorgan.com

a gradual shift towards incorporating the overnight rate as a policy target to JPMorgan Chase Bank, N.A., Singapore Branch

improve control over funding costs and reduce volatility.

• New FIMA repo facility supports RMB internationalization: The PBoC

announced the set-up of a new repo facility, enabling foreign central banks to

access RMB liquidity against high-quality Chinese bond collateral. Such a tool

will complement the existing RMB swap lines, enhance CGB’s attractiveness

as a reserve asset, and strengthen the RMB liquidity infrastructure.

• Cross-border regulation evolves in both directions: Official comments

today reinforce our view that recent regulatory changes in cross-border flows

are aimed at building a more comprehensive framework, rather than being a