债市日报：5月8日

Core Viewpoint - The bond market showed slight recovery on May 8, with government bond futures generally rising and interbank bond yields mostly falling by around 1 basis point, indicating a response to recent monetary policy support measures [1][2]. Monetary Policy - The People's Bank of China (PBOC) announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [7]. - The PBOC also lowered the policy interest rate by 0.1 percentage points, reducing the 7-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [7]. Market Performance - On May 8, government bond futures closed higher across the board, with the 30-year main contract rising by 0.26% to 120.430, and the 10-year main contract increasing by 0.17% to 109.060 [2]. - The interbank bond yields saw a general decline, with the 10-year government bond yield dropping by 0.5 basis points to 1.63% [2]. International Market Trends - In North America, U.S. Treasury yields fell across the board, with the 10-year yield decreasing by 2.32 basis points to 4.2694% [3]. - In the Eurozone, yields on 10-year government bonds also declined, with France's yield down by 6.4 basis points to 3.192% [3]. Institutional Insights - Institutions like CICC and Guosen Securities view the recent rate cuts as beneficial for the bond market, suggesting that short-term interest rates have more room to decline, which will also pull down long-term rates [8]. - The overall sentiment indicates that the recent monetary policy adjustments are seen as the beginning of a broader easing cycle rather than an end, with expectations for further declines in interest rates [8].