2025年5月流动性展望：降准降息落地前，资金利率有望继续向政策利率靠拢

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Before the implementation of reserve requirement ratio cuts and interest rate cuts, the funding rate is expected to continue to approach the policy rate. The probability of reserve requirement ratio cuts and interest rate cuts in the second quarter is relatively high, but the specific timing needs to be observed based on the overall rhythm of the package of policies. The reserve requirement ratio cut in Q2 has a high probability of implementation, and the central bank is likely to cut interest rates in Q2. The funding rate in May still has room to decline further [2][3]. - Although the market's reaction to the statement of "timely reserve requirement ratio cuts and interest rate cuts" has significantly dulled, considering the current policy focus and the impact of trade frictions on the fundamentals, reserve requirement ratio cuts and interest rate cuts are still expected to be implemented within the second quarter [3]. - The increase in MLF volume in April is likely not to replace reserve requirement ratio cuts but rather to extend the maturity of medium - term liquidity injection. The necessity of reserve requirement ratio cuts has increased as the long - term liquidity released by the September 2024 reserve requirement ratio cut has been basically exhausted [3]. 3. Summary According to the Directory 3.1 March: Counter - seasonal Decline in Excess Reserve Ratio, but Increased Bank Lending Kept the Funding Market Stable - In March, the excess reserve ratio decreased by 0.2 percentage points month - on - month to 1.0%. The main reason was the significant decline in the central bank's claims on other depository corporations, which was much higher than the net withdrawal through OMO and the decline in other depository corporations' liabilities to the central bank [6]. - Although the excess reserve ratio decreased in March, the central bank may have supported banks implicitly to stabilize the funding market, as the bank's net lending increased significantly, and the funding rate center decreased compared to February. However, the funding gap index was relatively high, and the central bank's desired funding rate was still higher than the policy rate [8]. - In March, the increase in required reserves due to high credit growth and a significant decline in non - bank deposits, the decrease in government deposits, cash inflows, and the decline in foreign exchange holdings were all within the expected range. The use progress of special bonds was relatively fast, but the expenditure rhythm of replacement bonds was slightly lower than expected [10]. 3.2 April: Reserve Requirement Ratio Cuts and Interest Rate Cuts Did Not Materialize, but Increased Bank Lending Continued to Push Down the Funding Rate Center - In April, the general fiscal deficit was expected to be at a neutral level in recent years. The government bond supply pressure was higher than in previous years, but the expenditure of replacement bonds might lead to additional government deposit injections. The government deposits were expected to increase slightly by about 10 billion yuan, and the consumption of excess reserves was significantly weaker than in previous years [12]. - Credit issuance in April was expected to be weak, and the required reserve scale might decrease by 30 billion yuan, which would supplement liquidity. The currency issuance was expected to decrease by about 100 billion yuan, and foreign exchange holdings might continue to withdraw about 50 billion yuan [12]. - The central bank's net injection of pledged reverse repurchase in April was 320.8 billion yuan, MLF was over - renewed by 500 billion yuan, but the net withdrawal of outright reverse repurchase was 500 billion yuan. The central bank's claims on other depository corporations were expected to increase by about 320 billion yuan month - on - month. The excess reserve ratio in April was expected to increase by 0.1 percentage points to 1.1%, but it was still at a relatively low level in non - quarter - end months [12][13]. - The reserve requirement ratio cuts and interest rate cuts did not materialize in April. The central bank might wait due to the need to coordinate with a package of policies. However, due to increased fundamental uncertainties, the central bank might support banks implicitly, pushing up bank net lending and making the funding rate approach the policy rate. The gap between R and DR reached the lowest level since May 2024 [31][32]. - The cross - month progress of various institutions in April was generally fast, at a relatively high level in the past five years, which kept the month - end liquidity relatively stable [34]. 3.3 May: Increased Government Bond Supply Pressure, and the Excess Reserve Ratio May Decline Again - In May, although the general fiscal deficit was expected to be at a relatively high level in recent years, and the expenditure of replacement bonds might lead to additional government deposit injections, the government bond supply pressure was significantly higher than in previous years. The government deposits were expected to increase by about 360 billion yuan [39]. - The required reserve in May was expected to increase seasonally, withdrawing about 30 billion yuan. The currency issuance was expected to decrease by about 100 billion yuan, supplementing the funding market. Foreign exchange holdings might continue to withdraw about 50 billion yuan [39]. - In the open market, the balance of pledged reverse repurchase at the end of May was assumed to drop to about 1 trillion yuan, with a net withdrawal of about 620 billion yuan. However, considering the significant increase in government bond net supply pressure, the central bank might use MLF and outright reverse repurchase to release medium - and long - term liquidity. The central bank's claims on other depository corporations were expected to decrease by about 140 billion yuan month - on - month. The excess reserve ratio in May was expected to be about 1.0%, a 0.1 - percentage - point decrease from April, at a historically low level [39]. - The Politburo meeting in April mentioned "timely reserve requirement ratio cuts and interest rate cuts" again. Although the market's reaction was dull, considering the current policy focus and the impact of trade frictions, reserve requirement ratio cuts and interest rate cuts were still expected to be implemented within the second quarter, but the specific timing needed to be observed [52]. - The increase in MLF volume in April was likely not to replace reserve requirement ratio cuts but to extend the maturity of medium - term liquidity injection. The necessity of reserve requirement ratio cuts has increased as the long - term liquidity released by the September 2024 reserve requirement ratio cut has been basically exhausted [53][56]. - Due to the increased unexpected changes in excess reserves and bank lending in recent years, the actual impact of reserve requirement ratio cuts has decreased. The central bank's attitude towards the funding market and policy rates may be more important. The central bank is likely to cut interest rates in Q2, but DR007 needs to return close to the policy rate first. Although the DR007 rate center may not directly drop to around 1.5% in May, the funding rate still has room to decline [59].