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PBOC May Cut RRR In Q3

CHINA PRESS
MNI (Singapore)

The People’s Bank of China is likely to cut the reserve requirement ratio in Q3 as government-bond issuance peaks and credit expansion tends to quicken, Securities Daily reported citing Wang Qing, chief macro analyst at Golden Credit Rating. An RRR cut to release long-term funds is still necessary considering the overall excess reserve ratio of banks is currently low, said Ming Ming, chief economist at CITIC Securities. Increased funding demand by month-end pushed up the overnight weighted average interbank pledged repo (DR001) rate to form an inversion with the 7-day (DR007) rate last week. While the rates could move higher with the maturity of CNY398 billion reverse repo this week, the inversion may not persist, the newspaper said citing analysts.

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