国际清算银行：2026年季度回顾：国际银行业与金融市场发展报告（6月版）（英文版）

Central banks’ monetary policy operational frameworks have evolved in response to pandemicera interventions, the resurgence of inflation and changes in market structure. The transition to smaller balance sheets, coupled with the growing footprint of non-bank financial institutions, is having a material impact on liquidity demand. Against this backdrop, central banks have begun recalibrating their lending operations, which comprise lending facilities and open market operations that extend fund