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The PBOC may inject liquidity by larger and more requent use of reverse repos and rolling over maturing medium-term tools, while the probability of a more substantial measure like an RRR cut in Q4 may be less necessary, the Securities Times reported citing analysts. The PBOC has restarted 14-day reverse repurchase operation for four consecutive trading days so to meet the increased liquidity demand by month-end, quarter-end as well as before the week-long October holiday, the newspaper said. The current tightening of liquidity is mainly due to slower fiscal expenditures, and there is room for over CNY4 trillion of fiscal spending till yearend, which can help to make up for the funding demand caused by the issuance of local government bonds.