中信建投：预计1月资金面有小幅收敛可能 但无大幅收紧基础

Core Viewpoint - CITIC Securities research report indicates a slight contraction in the funding environment is expected in January, but no significant tightening is anticipated, with a focus on local government bond issuance, bank performance at the beginning of the year, central bank stance, and large banks' liability pressure [1] Group 1: Monetary Policy Outlook - The first quarter is entering a monetary easing window, with attention on the possibility of central bank reserve requirement ratio (RRR) cuts and interest rate reductions, which may lead to a further decline in the central tendency of funding rates [1] - Short-term concerns include potential marginal contraction in the funding environment and increased volatility due to exchange rate pressures and demands to prevent capital outflows [1] Group 2: Market Behavior - With the current inverted yield curve in the money market, the cost-effectiveness of borrowing has improved, leading to an expected increase in the scale of lending from money market funds [1] - The supply-demand relationship for non-bank funding is likely to ease, and the funding stratification may return to a more relaxed state similar to the period from April to June of last year [1]