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(Z1) Off Lows, But Remains Weak

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Still Vulnerable

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Bullish Price Sequence

CHINA PRESS

The PBOC is less likely to cut banks' required reserve ratios after the sector reported record-high aggregate financing and loans, the Securities Times said citing Wen Bin, the chief analyst with Minsheng Bank. Aggregate financing to the economy surged four times to CNY5.17 trillion from CNY1.72 trillion in December while new loans tripled to CNY3.58 trillion. However, credit data in January could be misleading since banks loaned more for backlog projects from last year, said Zhang Xu, the chief fixed-income analyst with Everbright Securities. Companies' financing demand remains strong and the economy was showing no signs of overheating, the newspaper said citing Zhang.