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CHINA PRESS: The PBOC's shrinking balance sheet does not indicate tightening
monetary policy, according to a report in Securities Daily on Monday. Citing
Yang Yewei, the chief analyst at Southwest Securities analysts, the Daily's
report said total liquidity had not tightened without the release of base money
this year, because the reverse requirement ratio cuts had helped raise the
currency multiplier. In its Q3 monetary policy report on Saturday, the PBOC said
the policy stance should not be judged from monthly readings of the balance
sheet, which is significantly impacted by seasonal factors such as tax
collection, fiscal spending and the injection and withdrawal of liquidity.