The Federal Reserve raised interest rates by 25 basis points as scheduled, raising the target rate range for federal funds from 1.25% -1.25% to 1.25% -1.50%. After the Federal Reserve announced the rate hike overnight, the People's Bank of China raised its winning bid rate and MLF operating rate on the open market reverse repurchase operation by 14 basis points, both increase slightly by 5 basis points. Anbound believes that in the face of the US rate hike, the PBOC has adopted a "concomitant" approach of "raising interest rates" in disguise. However, if the Federal Reserve increases interest rates by 2-3 times next year as scheduled, there will be smaller room for China's Central Bank disguised operation.