This paper focuses on the regulation effect of money market interest rates from monetary policy tools. By employing Time-Varying Parameter Stochastic Volatility Vector Autoregressive model, we comparatively analyze the effects of the Standing Lending Facility (SLF) and the 7-Day Reverse Repurchase Agreements in the Open Market (RR7D) on the 7-Day Repo Rate of Deposit-taking Financial Institutions (DR007). It is found that SLF can marginally improve DR007 in the short term but can effectively lower it in the medium to long term by acting as the ceiling of the interest rate corridor. RR7D can improve DR007 with a stronger impact, compared to the SLF. The effectiveness of these monetary policy tools remains relatively stable under different socio-economic backgrounds, achieving the intended objectives of the central bank. Finally, the study proposes suggestions, close integration of the interest rate corridor and open market operations in monetary policy regulation, and encourages the use of SLFs to support the high-quality development of the national economy.