CITIC Securities: The estimated scale of pending settlement is $650 billion USD, there is no need to worry excessively about the consumption of liquidity caused by settlement.

A research report sent by Zhongxin Securities shows that the accumulated scale of unsettled exchange in China is currently around 650 billion US dollars. Assuming that 50% will be settled in 2026, it will only require about 140 billion yuan in deposit reserve, which is not a large absolute amount and there is no need to overly worry about the consumption of liquidity caused by settlement.