According to Jinshi, whether it is the decline in the growth rate of M2 or the first negative growth of social financing and M1 at the same time, a series of changes in key financial data in April have attracted market discussions. Most people in the industry gave vivid descriptions, which also reflects that various participants in the current financial market have a more objective and rational view of data. Many industry insiders said that after the "water squeeze" of financial data, it means that financial support for the real economy is more substantial and more efficient, and it also lays a solid foundation for the effectiveness of reducing the reserve requirement ratio and interest rates. In terms of the timing of implementation, the industry believes that the reserve requirement ratio cut may be accompanied by the peak of the issuance of ultra-long-term special treasury bonds and local bonds, and the conditions for the implementation of the interest rate cut are gradually accumulating, but constrained by the bank's net interest margin and the pace of the US interest rate cut, the reserve requirement ratio cut may be earlier than the interest rate cut.