Caitong Securities: Without considering the factors of reverse repurchase and MLF maturity, there is not much pressure on the funding of the banking system.

Chen Xing, chief macro analyst at Caitong Securities, pointed out that from the perspective of fund supply and demand, the net financing pressure has eased against the backdrop of an increase in the scale of matured government bonds in June. The "more expenditures than revenues" fiscal policy is the main support for the capital market. It is expected that government deposits will decrease by 1.1 trillion yuan; June is a big month for credit, with seasonal increases in bank reserves requirements, which may consume excess reserves of 290 billion yuan. The impact of foreign exchange deposits and currency issuance on liquidity is expected to be limited. Overall, excluding factors such as reverse repurchases and MLF maturity, the funding pressure on the banking system is not significant.