CITIC Securities: The liquidity gap in March will narrow significantly compared to February

On March 4th, according to Jin Shi data, CITIC Securities research report stated that our calculation, completely excluding the factors of MLF and the maturity of reverse repurchase, the Liquidity gap in March will significantly narrow compared to February, and the funding situation is expected to see marginal improvement. However, considering that fiscal expenditures usually occur at the end of the month, and there is still pressure on the liability side of banks, the key to the intra-month funding situation will still depend on the attitude of the Central Bank. The tone of the two sessions on policies and the use of Central Bank monetary policy in March should be closely observed and continuously tracked.