The central bank's competent media: multiple targets such as interest rates and exchange rates need to be taken into account

On July 15th, the Financial Times, the head of the central bank, published an article saying that for the next interest rate trend, industry insiders said that there is still room for interest rate reduction, but it also faces internal and external "double constraints". Industry analysts believe that at present, guiding deposit interest rates down can moderately slow down the narrowing of banks' net interest margins, but it will also affect household consumption, and it is also necessary to prevent irregular behaviors such as "manual interest supplementation". Overall, further lowering of interest rates requires balancing the ability of banks to sustainably serve the real economy. In addition, in terms of exchange rates, due to repeated market expectations for the Federal Reserve to cut interest rates, the US policy interest rate remains at a high level. Although the RMB exchange rate is the most resilient compared to the depreciation of the yen, the Korean won and the currencies of major emerging market economies generally exceeding 5%, interest rate adjustments also need to consider the impact on the exchange rate.