Zhongxin Securities Mingming: There is basically no liquidity gap in June.

Chief economist of CITIC Securities, Mingming, believes that the MLF operation in May, combined with the reserve requirement ratio cut, has significantly increased liquidity supply. The decrease in the volume of buy-back reverse repurchase transactions in May will be able to meet the structural adjustment needs of commercial banks for central bank financing tools. Considering the local government bond issuance plan, historical national bond issuance patterns, and the fiscal balance, even without factoring in the MLF and reverse repurchase transactions expiring in June, there is basically no liquidity shortage in June.