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PBOC Likely to Refrain from RRR Cuts: Journal

CHINA PRESS

The PBOC is expected to refrain from major policy changes such as cutting RRRs or monetary tightening before the Mid-February Chinese New Year and instead maintain liquidity through OMO/MLF operations, the China Securities Journal wrote in an editorial. The central bank has had a long period to use normal tools, and recent MLFs proved that there is ample liquidity and funding, the editorial said. Uncertainties from recent local virus outbreaks, the coming tax payment period and higher cash demand during the holidays will prevent the PBOC from tightening, the Journal said.

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