The industry expects interest rate cuts in the third quarter, and policy interest rates may be lowered by 10 to 20 basis points

Comparative news, according to a report by Jin Shi, Dong Ximiao, the chief economist of CMB, predicts that interest rate cuts are expected to be implemented in the third quarter. If the momentum for economic recovery weakens marginally in the second half of the year, it is not ruled out that the policy interest rate will be lowered by 10 basis points to 20 basis points in due course.

In terms of downgrading, there is still room for a downgrade of 25 basis points to 50 basis points during the year, and the implementation window may be scheduled during periods of peak bond supply or tight liquidity. The People's Bank of China will make more use of structural monetary policy tools to strengthen the regulation of market liquidity.