The repo rate not only provides a price benchmark for the repo transactions of the members of the interbank market, but more importantly, it can also be used as a reference interest rate for the members of the interbank market to carry out interest rate swaps, forward interest rate agreements, short-term interest rate futures and other interest rate derivatives. Therefore, the liberalization of repurchase fixed interest rate is not only the embodiment of further improving China's market interest rate structure, but also an important part of promoting the process of interest rate marketization.