It depends on the macro-economic situation.

Until the middle of 2018, China largely guided interest rates by setting their floor and ceiling, known as an 'interest rate corridor.' Open market operations were allowed to move within those parameters.

The People's Bank of China, the central bank, cultivated benchmark market rates, standardized open market operations and set up a standing lending facility, which lends on an on-demand basis rather than in the open market through scheduled auctions, as the ceiling of the interest rate corridor. Since mid-2018, the PBOC has been gradually moving more towards medium-term credit facilities as monetary policy tools.

The two frameworks need to be better integrated. The PBOC should consider returning to the original 'interest rate corridor plus open market operations' model once the Chinese economy stabilizes.