Minsheng Securities: In a comprehensive view, the fund situation in August does not have the basis for tightening.
The report sent by Xu Liang, chief fixed income analyst of Minsheng Securities, stated that the attitude of the People's Bank of China towards safeguarding the fund's market has not changed, and overall, there is no basis for tightening the fund's market in August. It is expected that the net financing of government bonds in August will be between 1.17-1.39 trillion yuan, similar to July. Starting in August, the maturity and operation time of MLF will shift from being misaligned to aligned, both falling on the 25th of each month; the total maturity of MLF and repurchase agreements will be 1.2 trillion yuan, lower than the 1.5 trillion yuan in July; since May, both of these tools have been on a net injection basis, so there is no need to overly worry.
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