China may fine-tune its monetary policy in 2013 by reducing interest rates and the reserve requirement ratio (RRR) to support economic growth, according to research results published Friday.

A small interest rate cut at the right time could substantially decrease financing costs and improve expectations for profitability, said researchers from the China Development Bank, the State Information Center and the Shanghai Securities News who have worked together to forecast key economic policies in 2013.

Inflation will likely hit 3 percent this year, lower than the 3.3 percent maximum interest rate that lenders are currently allowed to set for one-year deposits, creating room for further interest rate decreases, the researchers predicted.

The researchers also said they expect moderate reductions for the RRR, or the amount of money banks must set aside as reserves.

The central bank trimmed benchmark interest rates and the RRR twice in the first seven months of 2012 to spur growth. But it has since resisted further cuts, using open market operations instead.