王青：二季度“择机降准降息”时机已经成熟 落地时间可能会适度提前

Core Viewpoint - The central bank's financial data report for March 2025 indicates a year-on-year increase of 2.37 trillion yuan in social financing for the first quarter, suggesting a need for accelerated monetary policy adjustments in response to external volatility [1] Group 1 - The external volatility increased significantly in April, prompting a faster pace of domestic monetary policy adjustments [1] - The timing for potential interest rate cuts and reserve requirement ratio reductions in the second quarter is deemed mature, with possible early implementation [1] - Fiscal policies aimed at stabilizing growth will further focus on promoting consumption and expanding investment, with government bond financing remaining at a high level [1] Group 2 - The sustained acceleration of credit and social financing in the second quarter is expected due to the aforementioned monetary and fiscal measures [1]