降息，落地

Core Viewpoint - The People's Bank of China (PBOC) has lowered the 7-day reverse repurchase rate from 1.50% to 1.40%, aiming to stabilize commercial banks' net interest margins and reduce the comprehensive financing costs for the real economy, thereby supporting economic fundamentals [1][2]. Group 1: Monetary Policy Actions - On May 8, 2025, the PBOC conducted a reverse repurchase operation of 158.6 billion yuan at a fixed rate, resulting in a net injection of 158.6 billion yuan as there were no reverse repos maturing that day [1]. - The operation rate for the 14-day reverse repurchase and temporary repos will continue to be determined based on the 7-day reverse repurchase operation rate, with the adjustment range remaining unchanged [2]. Group 2: Economic Implications - The rate cut is expected to lead to a decrease in the Loan Prime Rate (LPR) by approximately 0.1 percentage points, which will help lower the financing costs for the real sector and enhance financial support for the economy [2][3]. - The current high actual interest rates in China necessitate a reduction in the LPR to improve investment and consumption sentiment, thereby supporting the development of the real economy [3].