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China's top decision-making body, the Politburo, stopped short of mentioning cuts to banks' RRRs, interest rates and refinancing in the statement following its Thursday meeting, a departure from the statement following its last meeting in April, the China Business News reported. The statement did, however, continue to emphasize a flexible monetary policy. Should the economy recover well, early-phase stimulus policies may be removed more quickly but they could be ramped up again should the recovery fail to meet expectations, the newspaper said citing Dong Ximiao, a researcher at XWBank.

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