利率“短升长降”

Group 1 - The domestic money market interest rates continue the trend of "short-term rise and long-term decline" as the demand for funds increases ahead of the Dragon Boat Festival, pushing up short-term rates [1] - As of May 20, the overnight, 1-week, and 2-week Shanghai Interbank Offered Rates (Shibor) were reported at 1.509%, 1.556%, and 1.65%, respectively, showing increases of 10.3, 6.6, and 9.4 basis points compared to May 13 [1] - The People's Bank of China (PBOC) announced a 0.1 percentage point reduction in the 7-day reverse repurchase rate effective May 8, and a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions effective May 15, injecting approximately 1 trillion yuan of long-term liquidity into the market [1] Group 2 - On May 20, the 1-year Loan Prime Rate (LPR) and the 5-year LPR were both reduced by 0.1 percentage points to 3% and 3.5%, respectively, marking the first LPR cut in eight months [1] - The PBOC is expected to inject liquidity through reverse repos to stabilize the impact of the upcoming Dragon Boat Festival and month-end on the money market [2] - The expectation is that the money market interest rates will continue to exhibit the "short-term rise and long-term decline" trend in the following week [2]