刚刚宣布！又降了

Summary of Key Points Core Viewpoint - The Ministry of Finance and the People's Bank of China have conducted a tender for central treasury cash management deposits, resulting in a significant decrease in the winning interest rates for both two-month and three-month deposits, reflecting a strong trend towards interest rate cuts in the current economic environment [1][5][8]. Group 1: Tender Results - On May 20, 2025, the total amount for the two-month central treasury cash management deposit was 120 billion yuan, with a winning interest rate of 1.81% [1][3]. - The total amount for the three-month central treasury cash management deposit was also 120 billion yuan, with a winning interest rate of 1.82% [1][3]. - The winning interest rates for the two-month and three-month deposits have decreased by 24 basis points (BP) and 46 BP, respectively, compared to previous rates [5][7]. Group 2: Historical Context - The last three-month treasury cash deposit operation was conducted on August 16, 2024, with a winning interest rate of 2.28%, while the last two-month operation was on April 21, 2025, with a rate of 2.05% [5][7]. - The interest rates for treasury cash deposits have shown a trend of significant decline since early 2025, with a slight increase observed in March 2025 [8][10]. Group 3: Broader Economic Implications - The People's Bank of China has announced a reduction in the Loan Prime Rate (LPR) for both one-year and five-year terms, indicating a broader strategy to lower borrowing costs [8][10]. - Major banks have also begun to lower their deposit rates, with reductions of up to 25 BP, aligning with the central bank's policy direction [10].