CITIC Securities: Libra has a certain degree of influence on the operation of China's monetary policy

CITIC Securities pointed out in its "Libra's Investment Value and Monetary Policy Impact – Interest Rate Debt Special Report" released yesterday that Libra is a kind of currency with obvious use value. Compared to Bitcoin, Libra has the potential to become a currency. For domestic monetary policy, Libra's influence mainly arises in terms of international capital flows. When Libra plays a hedging function to a certain extent, it will promote the flow effect of capital, which will inevitably lead to a deepening of capital flows. From the perspective of monetary policy operation, Libra's influence on capital flows will restrict the operation of China's monetary policy to a certain extent.