[Citic Securities: June one-year MLF interest rate may be cut by 5-10bps] the CITIC Securities Research report pointed out that since May, the capital surface has been relatively loose, while the interest rate center of interbank certificates of deposit has fallen, and the urgency of MLF interest rate reduction is not high. However, entering June, the important window period for stable growth in the second half of the year has officially arrived. Superimposed by some recent economic and financial data and market sentiment, the necessity of interest rate reduction has obviously increased. We think the one-year MLF interest rate in June may be cut by 5-10bps. In addition, there is room for banks to further cut interest rates on deposit products, which is expected to lead to a further decline in the maturity yield of 10-year government bonds.