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Sep 30, 2021 08:51 AM (GMT+8) · EqualOcean
CITIC Securities research report pointed out that in the fourth quarter, the supply of local bonds continued to accelerate, but from the perspective of open market operation at the end of September, the central bank's attitude towards maintaining stability of funds was relatively clear. It is estimated that after completely excluding the factors of MLF and reverse repurchase maturity, the liquidity gap in October was around 600 billion yuan. In terms of the operation of the central bank, considering the current overseas pressure, inflation pressure and the demand for structural policy support, the follow-up monetary policy will take care of the liquidity balance, but it is difficult to be loose as a whole.

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