CITIC Securities: There is basically no liquidity gap in June.

According to a research report from CITIC Securities, after our calculations, completely excluding factors such as MLF and reverse repurchase maturities, there is basically no liquidity gap in June. Considering that the end of the quarter is often a month with large fiscal expenditures, there is still a possibility of further easing in the funding situation. The recent slight fluctuations in funding are mainly influenced by factors such as the end of the month, tax deadlines, government bond payments, and institutional cross-month demand. After the cross-month period, with the fading of disruptive factors and the return of fiscal funds, we believe there is no need to worry about the risk of funding tightening.