PBOC Expected to Cut RRRs Further to Promote Growth: Journal

China's central bank is expected to further cut banks' reserve requirement ratios in line with the "cross-cycle adjustment" policies that lean toward loosening and also to ensure the market's rising liquidity needs are met, the China Securities Journal reported citing the consensus of several analysts. There is a CNY2.45 trillion total of MLFs maturing in Q4 that may need to be renewed, the newspaper said citing analyst Zhou Yue of Zhongti Securities. Cutting RRRs is also in line with the government's push to promote low-carbon and emission-reduction initiatives, as the PBOC also signalled it would provide low-cost capital to qualified financial institutions, the newspaper said. However, the market doesn't expect this month's LPR, to be announced today, to change nor that the PBOC would lower interest rates as the economy hasn't significantly slowed, the newspaper said.