According to a report by Jinshi Data on July 15, the Financial Times, which is under the supervision of the central bank, said that industry insiders said that there is still room for interest rate cuts, but it faces "double constraints" from both inside and outside. Guiding deposit interest rates downward can slow down the narrowing of bank net interest margins, but it will affect residents' consumption and need to guard against irregular behavior. Further interest rate cuts need to balance the ability of banks to serve the real economy. In terms of exchange rates, due to repeated market expectations of the Fed's interest rate cuts, the US policy interest rate remains high for a period of time. Although the RMB exchange rate is more resilient than other currencies, interest rate adjustments need to consider the impact of exchange rates.