CITIC Securities: There is a certain liquidity gap in April.

Guosen Securities research report stated that, according to our calculations, there is a certain liquidity gap in April due to government bond financing, seasonal fluctuations in M0, and an expansion of reserve payment base. However, we believe that the more important factor to focus on is the impact of large-scale forex purchases on liquidity. If commercial banks continue to purchase foreign exchange, but the central bank does not intervene, the funding situation may face friction and the central bank may need to offset it with other monetary policy tools.