According to Jinshi, the market has been discussing the reduction of reserve requirement ratio and interest rate. Experts said that under the background of accelerated issuance of government bonds and the issuance of ultra-long-term special treasury bonds, the reduction of reserve requirement ratio can better provide medium- and long-term liquidity, and the timing of interest rate reduction can further reduce the financing cost of the real economy and help create a good monetary and financial environment. From the point of view of time, the probability of a reduction in reserve requirement ratio in the second quarter is relatively high. Industry insiders believe that the intensity of fiscal policy will be significantly increased in the second quarter, and government bonds, especially ultra-long-term special treasury bonds, should be issued as soon as possible. In order to avoid short-term liquidity tension and excessive interest rate fluctuations, the probability of the central bank reducing reserve requirement ratio to release long-term low-cost funds to banks will increase.