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Pres Biden Budget Proposal Ests


Needle Still Points South


Resistance Remains Intact


Reverse Repo Operation


Softer Greenback Extends GBP Bounce

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The PBOC may carry out proactively structural monetary policies including cutting targeted reserve requirement ratios and refinancing to agriculture and small business in the second half, the 21st Century Business Herald reported citing analysts. Major moves such as a wide-ranging cut of interest rates or reserve ratio are unlikely, as the two-year GDP will be close to the potential, the newspaper said. There could be a RRR cut for lenders meeting the inclusive finance requirement to lend to SMEs, which can help resolve insufficient bank capital while keeping liquidity controlled, the newspaper said citing Wu Chaoming, chief economist of Chasing Securities.