【SMM Macro News】The central bank has adjusted the 14-day reverse repo operations in the open market to a fixed-quantity, interest-rate tender, and multi-price bidding system. On September 19, the People's Bank of China issued an open market operations announcement stating that, in order to maintain ample liquidity in the banking system and better meet the differentiated funding needs of various participating institutions, effective immediately, the 14-day reverse repo operations will be adjusted to a fixed-quantity, interest-rate tender, and multi-price bidding system. The timing and scale of the operations will be determined based on liquidity management needs.