Zheshang Securities: There is room for acceleration in the issuance of local government bonds for refinancing within the year, and a reserve cut is expected to respond to supply shocks.

Jinshi data news on November 18th, Zhejiang Commercial Securities fixed income analysts Tan Han and Zheng Sha reported that the disclosed issuance of local government bonds for refinancing is concentrated in the 10-year period and above, which may cause certain disturbances to long-term and ultra-long-term bonds; it is expected that there may be a reserve requirement ratio cut within the year to hedge the liquidity tightening brought by the government bond supply.

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