CITIC Securities: The interest rate range-bound pattern remains difficult to break

The timing of aggregate monetary policy operations has been postponed, with the central bank withdrawing medium- and long-term liquidity to guide funding rates back towards policy rate levels. The fluctuation pattern within the interest rate range remains difficult to break. It is expected that in the second half of the year, the yield on 10-year government bonds will remain in the 1.7% to 1.9% range. Attention should be paid to trading opportunities arising from the return of market liquidity to neutral levels and from differences in inflation rebound expectations.