央行定调“保持流动性充裕”，业界预计今年或降息2次

Core Viewpoint - The People's Bank of China (PBOC) is expected to implement flexible monetary policies, including interest rate cuts and reserve requirement ratio (RRR) reductions, to maintain ample liquidity in 2026 [1] Monetary Policy Expectations - The PBOC is anticipated to cut interest rates twice in 2026, with each cut ranging from 20 to 30 basis points (0.2% to 0.3%) [1] - The first and second cuts are preliminarily expected to occur in the first half and second half of the year, respectively [1] - There is a possibility of targeted interest rate reductions for residential mortgages through significant downward adjustments to the 5-year LPR (Loan Prime Rate) to stabilize the real estate market [1] Reserve Requirement Ratio Adjustments - The PBOC is projected to reduce the reserve requirement ratio 1 to 2 times in 2026, with a reduction magnitude of 0.5% to 1% [1] - Attention is drawn to the potential implementation of an RRR cut before the Spring Festival [1]