A research report by CITIC Securities states that, according to our calculations, a liquidity gap existed in January due to factors such as government bond financing, seasonal fluctuations in M0, and an expanded base for reserve requirement payments. However, we believe the impact of large-scale foreign exchange sales on liquidity warrants greater attention. If commercial banks continue to sell foreign exchange but the central bank does not purchase it, the money market may face friction, requiring the central bank to offset this through other monetary policy tools.