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The PBOC is likely to use open market operations while shunning RRR cuts to maintain liquidity and interest rates at a stable level, the Shanghai Securities News said citing Wen Bin, a researcher from China Minsheng Bank. The PBOC left LPRs unchanged for the sixth month as the strengthening economy forestalled looser policies, the newspaper reported citing comments by Wang Qin, the macro-analyst from Golden Credit Rating. Future fiscal expenditures will improve the liquidity and reduced structured deposits will help banks cut debt costs and push for a decrease in real loan interest rates, Wen said.