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CHINA PRESS: The targeted reserve requirement ratio cut, launched today, will
not inject as much liquidity as the market expected as some banks, including
some state-owned big banks, are not qualified, reported the Financial News, a
journal run by the PBOC, citing analysts. The effects of the reduction in target
reserves will be temporary. It will inject about CNY300-380 billion, compared
with market predictions of CNY500 billion.
Comment: The authorities do not want to show any sign of easing their neutral
stance on monetary policy. Some market players have started to question PBOC's
excess liquidity injections, as it seems to contradict the neutral stance of the
policy. This report should ease these concerns.