CITIC Securities: Pay attention to the possibility of RRR reduction from the end of the first quarter to the beginning of the second quarter

Golden Ten Data on March 10, CITIC Securities Research Report said that behind the recent tight funds is the long-term negative growth rate difference between deposits and loans, and the large demand of commercial banks for medium and long-term liabilities such as certificates of deposit, and the central bank’s “loose expression” and “stable operation” under the characteristics of the total instrument landing point is more prudent, and the medium and long-term liquidity delivery method based on buyout reverse repurchase has shortened the duration of monetary instruments. The liquidity gap is expected to narrow sharply in March, and the variables may come more from structural issues such as the pressure on the renewal of long-term certificates of deposit of some banks. It is expected that there may be a “long money” structural gap in follow-up liquidity, and we will pay attention to the possibility of RRR reduction from the end of the first quarter to the beginning of the second quarter.