＜Research＞CITIC Securities: Probability of RRR Cut in CN Is Rising

　　The possibility of China's RRR cut is rising, CITIC Securities released a research report saying. There is a liquidity gap of about RMB800 billion in July, and the PBOC is likely to inject liquidity through a RRR cut. However, CITIC Securities did not rule out the use of open market operations or refinancing to provide support.

　　For the bond market, the concentrated supply of government bonds may put certain pressure on the bond market. However, considering the under-allocation of institutions and the PBOC's supportive monetary policy stance, CITIC Securities believed that the probability of the interest rates of long- and ultra-long-term bonds remaining low is still relatively high.

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