Announcement on Open Market Business No.2 [2025]

(Open Market Operations Office, September 12, 2025)

To Primary Dealers of Open Market Operations and Members of the National Inter-bank Bond Market:

We hereby announce the adjustment to the assessment measures for primary dealers of open market operations and the list of primary dealers for the year 2025 as below:

The People's Bank of China (PBOC) established an annual assessment and adjustment mechanism for primary dealers of open market operations in 2004 and revised it in 2018. This mechanism has provided strong support for the smooth conduct of open market operations in recent years. To align with the transformation of the monetary policy operational framework and the development of financial markets, and to place greater emphasis on monetary policy transmission, the PBOC has further optimized and streamlined the assessment indicators, clarified the categorized assessments for different types of institutions, and enhanced coordination with the assessment of bond market makers. The indicator system is provided in Appendix 1.

The revised assessment measures for primary dealers takes effect in 2025. The list of primary dealers for open market operations in 2025 remains unchanged, with the detailed list provided in Appendix 2. Primary dealers found engaging in misconduct during the assessment period will be suspended from participating in open market operations, and those involved in serious violations will be disqualified from the primary dealer status in the following year.

This is hereby notified.

Appendix 1: Newly Revised Assessment Indicators for Primary Dealers of Open Market Operations

Appendix 2: List of Primary Dealers for Open Market Operations in 2025

Appendix 1: Newly Revised Assessment Indicators for Primary Dealers of Open Market Operations

Appendix 2: List of Primary Dealers for Open Market Operations in 2025