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降准降息后,债券市场怎么走
Zheng Quan Shi Bao·2025-05-09 12:01

Core Viewpoint - The People's Bank of China (PBOC) has implemented a combination of interest rate cuts and reserve requirement ratio (RRR) reductions to stimulate the economy, with expectations of releasing approximately 1 trillion yuan in long-term liquidity into the financial market [1][2]. Monetary Policy Measures - The PBOC has reduced the 7-day reverse repo rate from 1.50% to 1.40% effective May 8, 2023 [1][2]. - The RRR for financial institutions will be lowered by 0.5 percentage points starting May 15, 2023, bringing the average RRR down from 6.6% to 6.2% [2]. - Specific measures include reducing the RRR for auto finance and financial leasing companies to 0%, enhancing credit supply in targeted sectors [2]. Market Reactions - Following the announcement, the bond market exhibited mixed performance, with long-term bonds showing an upward trend in yields while short-term bonds experienced a decline [1][4]. - The 30-year government bond futures and 10-year government bond futures initially fell but later stabilized, indicating a volatile market response [4][7]. Future Outlook - Analysts suggest that the current monetary policy environment is supportive for the bond market, with expectations of further downward pressure on short-term rates due to increased liquidity [9][10]. - The market is anticipated to focus on the interplay between monetary easing and fiscal stimulus, with potential opportunities in short-term rates and credit bonds [10][11].