中信证券：全年逆回购利率降息幅度或为10bps

Core Viewpoint - The People's Bank of China (PBOC) has lowered the interest rates on various relending tools by 25 basis points, which is not a traditional cut in reverse repo rates or LPR, but a targeted approach through structural tools [1] Group 1: Impact on Banking Sector - This measure is expected to enhance banks' willingness to lend and promote stable credit growth, which may alleviate pressure on bank interest margins [1] - The PBOC is also expanding and innovating its relending tools, reinforcing targeted support for key sectors through a dual approach of "quantitative expansion + directional guidance" [1] Group 2: Credit Structure Optimization - The ongoing support is aimed at optimizing the credit structure towards technology, green initiatives, inclusive finance, elderly care, and digital sectors [1] Group 3: Monetary Policy Outlook - The PBOC indicated that there is still room for reserve requirement ratio (RRR) and interest rate cuts this year, but given the sustained export performance and short-term economic momentum, it is expected that short-term policy adjustments will remain restrained [1] - The anticipated reduction in reverse repo rates for the year is projected to be around 10 basis points [1]