From the PBOC-owned ‘Financial News’, in a front page editorial (via MNI earlier today):
- The current growth of M2 isn’t low
- Its not realistic to expect ongoing, large-scale easing of monetary policy in the second half of the year
- Said targeted measures don’t mean a system-wide cut in the deposit reserve ratio
- Said the monetary authorities will use targeted relending and Pledged Supplementary Lending (PSL) to give direct credit support to the real economy while relying on open market operations to adjust money supply
