中信证券：预计政策利率调降时点在二季度

Core Viewpoint - The market is focused on when the window for interest rate cuts will open, with expectations for policy rate reductions in the second quarter due to easing pressure on bank interest margins as a large amount of fixed deposits mature in the first quarter [1] Group 1 - According to the chief economist of CITIC Securities, historical experience suggests that a reduction in the loan interest rate will correspondingly open up space for overall interest rate cuts [1] - The expectation is that the timing for policy rate reductions will be in the second quarter [1]