A senior official of the central bank wrote in the Financial Times that the academic community has estimated the neutral interest rate in China based on different assumptions, and the mainstream view is that the current neutral interest rate level is around 2%. Since this year, the 7-day reverse repurchase rate of the central bank's open market operations has been maintained at a relatively low level of 1.8%. After considering inflation factors, the actual policy interest rate is less than 2%, still lower than the neutral interest rate, which means that monetary policy continues to maintain a stable support for the real economy. Industry insiders generally believe that there is still room for interest rate cuts, but they also face internal and external constraints. Since this year, the central bank has repeatedly made public statements that monetary policy still has room for maneuver, but the effects of previous policies are still evident, and it will continue to make good use of countercyclical adjustments in the future in response to changes in the situation.