Industry: Interest rates are at a low level, and interest rate cuts face double constraints

On June 17, the central bank is about to operate the new medium-term lending facility (MLF), and whether the interest rate is adjusted has attracted much attention from the market. Industry insiders said that there is still room for interest rate reduction, but it also faces internal and external constraints. At present, there is still room for monetary policy, but the early policy effect is still emerging. The central bank will continue to make counter-cyclical adjustments in light of changes in the situation. In the long run, cutting the reserve requirement and interest rate will be in the toolbox. Zhou Maohua, a macro researcher at the financial marekt department of Everbright Bank, said that the domestic effective demand is still weak, the price level is low, the macro policy is expected to continue to be positive, the monetary policy space is sufficient, and the reduction of reserve requirement and interest rate will be in the tool