On September 12, local time in Europe, the European Central Bank announced its interest rate decision, lowering the deposit facility rate (DFR) by 25 basis points to 3.5%; lowering the marginal lending facility rate (MLF) by 60 basis points to 3.9%. This is the second interest rate cut by the European Central Bank since June this year, and it has adopted an asymmetric interest rate cut. In previous adjustments, the adjustment magnitude of the three key interest rates mentioned above remained consistent. Citic sec stated that the decision to narrow the interest rate corridor belongs only to technical adjustments and does not convey a signal of incremental easing policy. The narrowing of the MRO-DFR spread will increase the willingness of private sector banks to participate in the European Central Bank's weekly refinancing operations when there is a liquidity demand, reducing the potential volatility risk of money market interest rates when the future euro system's liquidity adequacy decreases. (Shanghai Securities News)