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Pullback Considered Corrective

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CHINA PRESS: Liquidity will be stable in August after the People's Bank of
China's net injections via open-market operations in July, the Economic
Information Daily reported Wednesday. Monetary policy will maintain a
"neither-tight-nor-loose" bias because deleveraging and risk prevention are the
main objectives, it said. In the long term existing regulations will be
maintained but deleveraging will ease in a bid to reduce significant volatility
in liquidity. The PBOC will concentrate on short-term monetary instruments
including seven-day reverse repos to cut funding costs in the real economy, the
report noted. (Economic Information Daily)

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