CICC: There may be a slight convergence of funds in January, but no significant tightening basis.

On January 9th, Jin10 Data reported that CITIC Securities released a research report stating that there may be a slight convergence in the funding market in January, but there is no basis for a significant tightening. Pay attention to the issuance of local government bonds, the opening of banks, the attitude of the Central Bank, and the pressure on the liability side of large banks. In addition, the first quarter has entered a window of monetary loosening, following the possibility of Central Bank’s reserve ratio cut and interest rate cut, which is expected to drive the centralization of Intrerest Rate, but in the short term, it is also necessary to follow the possibility of marginal convergence of the funding market under the pressure of Exchange Rate and the demand for defense and increase in Fluctuation.