According to CITIC Securities' research report, the current market's pricing of upward fluctuations in money market interest rates is higher than that of downward fluctuations, a phenomenon attributed to the tight money supply situation at the beginning of the year. However, taking a long-term view, in support of economic objectives such as stable growth, easing credit conditions, and expanding domestic demand, overnight money market interest rates generally hover slightly below policy interest rates. CITIC Securities anticipates that DR001 has potential for downward adjustment, with the baseline scenario envisaging a return to narrow fluctuations centered around 1.4%. In an optimistic scenario, it could operate within a range of OMO (Open Market Operations) minus 30 basis points (bps). Currently, market attention is centered on the timing of a downward correction in medium and short-term bond interest rates.
