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PBOC Unlikely To Cut RRR, Rates Shortly-Yicai

CHINA PRESS
MNI (Singapore)

The People’s Bank of China is unlikely to cut reserve requirement ratios or policy interest rates in the short-term, and will focus on credit expansion amid weak demand for loans, Yicai.com reported, citing analysts. There is sufficient money supply with M2 growth rising to 12% in Y/Y terms in July, but new loans and aggregate finance saw sharper than expected moderations due to low borrowing and bond issuance by companies, said analysts. The key for the next stage of monetary policy is to convert from loose money to loose credit, and the PBOC should increase support for SMEs and the manufacturing sector, as well as safeguarding the financing of key projects, said Zhou Maohua, researcher at China Everbright Bank.

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