According to a review sent by Zheshang Securities, as net liquidity continues to be invested in the medium term and the probability of downgrading increases, the central bank's investment will directly improve the core overstorage rate of commercial banks and reduce the pressure to issue higher prices in the primary market for interbank deposits. Currently, around 1.48% of 1-year interbank deposits may have entered the “falling and buying more” range. Interbank deposits continue to be issued at higher prices in the primary market, reflecting the objective fact that commercial banks' core overreserves are low. The marginal contribution of corporate settlement and credit investment to liquidity in the narrow sense is declining. At the same time, the reduction in interest rates on interbank demand deposits has increased the pressure on commercial banks' interbank debt. This is the main reason why core overreserves have been low and the issuance of interbank deposits has continued to rise in price in the past two months. Along with the acceleration of government bond issuance in the second half of the year, the central bank will continue to increase its medium-term net liquidity investment; in terms of long-term liquidity, in order to prevent long-term yields from falling too fast, the central bank may be more inclined to downgrade rather than treasury bond trading to carry out long-term liquidity investment.

According to a review sent by Zheshang Securities, as net liquidity continues to be invested in the medium term and the probability of downgrading increases, the central bank's investment will directly improve the core overstorage rate of commercial banks and reduce the pressure to issue higher prices in the primary market for interbank deposits. Currently, around 1.48% of 1-year interbank deposits may have entered the “falling and buying more” range. Interbank deposits continue to be issued at higher prices in the primary market, reflecting the objective fact that commercial banks' core overreserves are low. The marginal contribution of corporate settlement and credit investment to liquidity in the narrow sense is declining. At the same time, the reduction in interest rates on interbank demand deposits has increased the pressure on commercial banks' interbank debt. This is the main reason why core overreserves have been low and the issuance of interbank deposits has continued to rise in price in the past two months. Along with the acceleration of government bond issuance in the second half of the year, the central bank will continue to increase its medium-term net liquidity investment; in terms of long-term liquidity, in order to prevent long-term yields from falling too fast, the central bank may be more inclined to downgrade rather than treasury bond trading to carry out long-term liquidity investment.