According to Goldman Sachs's latest macro-outlook report, the central bank of China will still be wary of traditional high-profile easing measures such as interest rate cuts and downgrades in 2026, and will rely more on flexible liquidity operations. Goldman Sachs expects only one “double drop” in the first quarter of 2026, including a 50 basis point cut and a 10 basis point rate cut, and another 10 basis point rate cut in the third quarter.

According to Goldman Sachs's latest macro-outlook report, the central bank of China will still be wary of traditional high-profile easing measures such as interest rate cuts and downgrades in 2026, and will rely more on flexible liquidity operations. Goldman Sachs expects only one “double drop” in the first quarter of 2026, including a 50 basis point cut and a 10 basis point rate cut, and another 10 basis point rate cut in the third quarter.