资金观察，货币瞭望：降准降息落地，资金面适度宽松

Group 1 - The report indicates that the central bank's recent monetary policy adjustments, including reserve requirement ratio cuts and interest rate reductions, are expected to lead to a decline in market interest rates in May [5][93]. - In April, the domestic money market continued to show signs of easing, with average repo rates in the interbank and exchange markets generally declining [4][11]. - The average rates for R001, GC001, R007, and GC007 in April decreased by 15 basis points, 24 basis points, 19 basis points, and 22 basis points respectively, indicating a trend of lower short-term borrowing costs [15][24]. Group 2 - The report highlights that the overnight transaction volumes in both the interbank and exchange markets increased in April, although their respective market shares decreased [43][48]. - The estimated excess reserve ratio for April and May is projected to be around 1.0%, reflecting a slight increase in liquidity due to the central bank's actions [51][87]. - The report notes that the central bank's net liquidity injection in April amounted to 4.208 billion yuan, alongside a significant increase in fiscal deposits [51][70]. Group 3 - The report tracks key overseas monetary market indicators, noting that the Federal Reserve paused interest rate cuts in May, leading to stable short-term U.S. Treasury rates [8][93]. - The European Central Bank also reduced key rates by 25 basis points in April, contributing to a broader trend of easing monetary conditions in major economies [8][93]. - The report emphasizes that the ongoing trade negotiations between the U.S. and China have reduced export pressures, which may influence future monetary policy decisions [76][93].