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SocGen: Above Consensus Payrolls Call

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CHINA PRESS: With little room for more reserve requirement ratio (RRR) cuts the
PBOC may have to consider other monetary policy measures, according to an
article in the 21st Century Business Herald. The Herald said the PBOC could
consider boosting M2 growth through open market operations or could pledge more
supplementary lending (PSL) and medium term lending facility (MLF). M2 growth
failed to rebound in May, recording a slower rise of 8.5% y/y, and also faces
downward pressure from the slowdown in credit expected in the second half of the
year. .

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