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The Federal Reserve announced interest rate cuts again every ten years. Whether China's monetary policy will follow up becomes the focus of market attention. On July 31, the Federal Reserve announced that it would cut the target range of the federal funds rate by 25 basis points to 2% to 2.25%. According to incomplete statistics, more than 20 central banks around the world have entered the interest rate reduction cycle. Industry insiders said that in the context of the Federal Reserve interest rate cuts to promote a new round of global monetary policy easing and deepening, the second half of the domestic monetary policy has opened up the space for further flexible operation. However, monetary policy will still be "self-centered". According to China's economic development and changes in the financial market, the central bank may reduce the policy interest rate and further promote the interest rate marketization reform, but the possibility of reducing the benchmark interest rate of deposit and loan in the short term is small.
Wang Qing, chief macroeconomic analyst of Oriental Jincheng, said that in the context of the Federal Reserve interest rate cuts promoting a new round of global monetary policy easing and deepening, the room for further flexible adjustment of domestic currencies in the second half of the year has opened. Recent contraction of PMI in manufacturing industry indicates that the downward pressure of domestic economy is still high in the second half of the year, and the demand for counter-cyclical adjustment of monetary policy is rising. Considering the current low consumption growth rate, the pressure of price rise of other major commodities except pork is relatively low, the possibility of CPI surpassing 3.0% in the second half of the year is not high, and late inflation is not likely. Trends will not have significant constraints on monetary policy.

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