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CHINA PRESS: The possibility that the People's Bank of China will cut banks'
required reserve ratio (RRR) is not high, because the signal that such a move
would send is not in line with the intent of the financial deleveraging
campaign, PBOC advisor Sheng Songcheng said at a Shanghai forum held September
1, according to a report in Wednesday's The Paper. The China economy is still in
a "L" shape, and it is still not the right time to start a RRR cutting cycle,
Sheng said. The PBOC will choose to inject any needed liquidity via money market
tools -- the Medium-term Lending Facility and the Standing Lending Facility -- 
whose signaling effect is not as strong as that of a RRR cut, Sheng said,
stressing this was his personal view. (The Paper)

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