证券日报：降准降息时间窗口何时打开？

Group 1 - The market is focused on when the window for interest rate cuts and reserve requirement ratio (RRR) reductions will open [1] - According to the chief economist of CITIC Securities, past experiences suggest that a reduction in the loan interest rate will lead to a corresponding opening of the overall interest rate cut space [1] - It is expected that the policy interest rate will be lowered in the second quarter, following a significant maturity of fixed deposits in the first quarter, which will alleviate banks' interest margin pressure [1] Group 2 - Galaxy Securities' research indicates that fiscal policy will take the lead, with monetary policy actively supporting fiscal efforts [1] - A 50 basis point RRR cut is anticipated to be implemented in the first quarter, while a comprehensive interest rate cut will require waiting for the right timing [1] - It is projected that there will be one to two interest rate cuts throughout the year, totaling a reduction of 10 to 20 basis points in policy interest rates, which will guide the downward trend of the Loan Prime Rate (LPR) [1]