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PBOC Unlikely To Trigger Rate Rut Cycle Now - Advisor

CHINA PRESS
MNI (Singapore)

The People's Bank of China is unlikely to further lower its policy interest rates, as excessive liquidity could lead to arbitrage as the Federal Reserve may still hike rates significantly, China Chief Economist Forum wrote in a blog post citing Sheng Songcheng, a former director of the Statistics and Analysis Department of the PBOC. Due to weak credit demand, more funds flow into the financial system rather than the real economy, and banks complete their lending requirement through bill discounting, said Sheng, noting that bill financing in July increased by CNY313.6 billion, accounting for 46.2% of the new yuan loans in the month.

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