Citigroup Securities: There is a liquidity shortfall of about 800 billion yuan in July, and the possibility of a reserve requirement ratio cut is rising.
Golden Data 26 June News, CITIC Securities research report stated that there is a liquidity gap of about 800 billion yuan in July, the central bank may inject liquidity through reserve reduction, but it is not ruled out that it will provide support through open market operations or re-lending. For the bond market, the concentration of government bond supply may exert certain pressure on the bond market, but considering the lack of institutional allocation and the supportive monetary policy stance of the central bank, CITIC Securities believes that the probability of long-term and ultra-long-term bond rates remaining low is still high.
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Citigroup Securities: There is a liquidity shortfall of about 800 billion yuan in July, and the possibility of a reserve requirement ratio cut is rising.
Golden Data 26 June News, CITIC Securities research report stated that there is a liquidity gap of about 800 billion yuan in July, the central bank may inject liquidity through reserve reduction, but it is not ruled out that it will provide support through open market operations or re-lending. For the bond market, the concentration of government bond supply may exert certain pressure on the bond market, but considering the lack of institutional allocation and the supportive monetary policy stance of the central bank, CITIC Securities believes that the probability of long-term and ultra-long-term bond rates remaining low is still high.