2026 Financial Street Forum, Central Bank's Pan Gongsheng elaborates on the roadmap for interest rate marketization reform: The monetary policy framework is in the stage of continuous improvement in price-based regulation, with plans to opportunistically switch the core open market operation instrument from 7-day reverse repos to overnight repos, making the overnight repo rate the main policy rate. This adjustment is an iterative optimization within the existing price-based regulation framework. In the future, corporate loans, bonds, and interest rate derivatives may use more closely aligned reference rates, making it easier to hedge interest rate risks.