CITIC Securities: Monetary policy is expected to strengthen

CITIC Securities Research Report pointed out that, according to the Report on the Implementation of China's Monetary Policy in the Second Quarter Of 2023, the national economy is expected to continue to improve, but there are also some new challenges from the aspects such as production lines and local fiscal pressure. We believe that the central bank may cut the reserve ratio in time, there is also the possibility of interest rate cuts within the year, and it may also support the transformation of urban villages through re-lending and other ways.