货币市场质押式回购利率下调但幅度有限 专家：DR007终将稳健回落至OMO利率附近

Core Viewpoint - The recent decline in the DR001 (overnight pledged repo weighted average rate) to 1.5294% is a response to the central bank's interest rate cut and broader monetary policy measures, indicating a modest adjustment in the money market rates compared to the policy rate changes [1][2][4]. Group 1: Monetary Market Rates - As of May 8, the DR001 weighted average rate decreased by 0.13 percentage points from the previous day, while the closing rate fell by 0.07 percentage points [4]. - The DR007 weighted average rate also saw a decline, dropping approximately 0.07 percentage points to 1.6112% on May 8, compared to 1.6802% on May 7 [4][5]. - Monthly data shows that the DR007 weighted average rate was 1.7594% in April, highlighting a significant downward trend following the policy rate adjustments [4]. Group 2: Government Bond Yields - Government bond yields across various maturities have also decreased, with the 10-year bond yield falling by 0.0087 percentage points to 1.6331% on May 8 [5]. - The yields for 3-month bonds decreased by 0.0335 percentage points, reflecting a general downward trend in bond yields following the central bank's announcement [5]. Group 3: Market Reactions and Expectations - Analysts suggest that the stable market response indicates that the central bank's policies have effectively stabilized market expectations, despite the potential for the 10-year bond yield to reach 1.5% within the year [6]. - The central bank's approach aims to guide market rates in alignment with policy rates, ensuring that the DR007 remains close to the 7-day reverse repo rate [6][8]. - There is an expectation that the DR007 will eventually return to levels near the OMO rate, although this will not happen immediately, as the central bank employs a gradual strategy to manage interest rates [8].