Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation of 291.1 billion yuan at a fixed rate of 1.40%, with a net injection of 148.6 billion yuan after accounting for maturing reverse repos [1] - The interbank market showed slight fluctuations in repo rates, with overnight rates around 1.4% and a rise in rates for overnight borrowing against credit bonds to 1.6% [3] - The central bank's liquidity support remains strong, with no liquidity gap expected in June, although fluctuations may occur due to fiscal spending at month-end [3] Interest Rate Adjustments - The latest LPR was set at 3% for 1-year loans and 3.5% for loans over 5 years, marking a decrease of 10 basis points, the first reduction since October of the previous year [5] - Major state-owned banks have begun to lower deposit rates, with reductions ranging from 5 to 25 basis points, and some large-denomination deposit rates dropping by up to 35 basis points [5][6] - The recent interest rate cuts are seen as a continuation of the easing policy, with expectations that the next rate cut window may not occur until at least the third quarter [6] Economic Outlook and Policy Measures - The central bank emphasized the need for a moderately loose monetary policy to support effective financing for the real economy and maintain reasonable growth in financial aggregates [7] - The government is focusing on stabilizing employment, enterprises, and market expectations while promoting consumption and supporting key sectors such as technology innovation and foreign trade [7] - A recent monetary policy execution report highlighted the importance of boosting consumption to expand domestic demand and stabilize growth, while also addressing the balance of supply and demand in the economy [7]
央行公开市场开展2911亿元7天期逆回购操作 操作利率1.40%
智通财经网·2025-05-30 02:47