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CHINA PRESS: The People's Bank of China is unlikely to reduce the required
reserve ratio based on current conditions even though there have been calls for
a RRR cut, the China Securities Journal reported Thursday. The latest RRR cut
discussions were sparked by recent yuan appreciation -- which reflects long-term
concerns over a relatively low excess RRR and tight liquidity. But many experts
don't think the exchange rate is the only factor to affect monetary policy, the
newspaper said. Because the main goals of monetary policy are stabilizing
economic growth, preventing inflation and deleveraging, short-term yuan
appreciation may not be the reason for a RRR cut -- not to mention depreciation
pressure on the yuan hasn't been fully removed. Therefore, it isn't likely that
the PBOC will drop the RRR this year. Monetary policy will remain prudent and
neutral, it said. (China Securities Journal)