People’s Bank of China official: RRR cut not the start of strong stimulus

People’s Bank of China official in a Xinhua interview:

RRR cut not the start of strong stimulus, or a policy shoft

Says the RRR cut was based on liquidity conditions and the economic situation

Headlines via Reuters crossing, but nothing new in these comments.

More, from yesterday:

• More on the PBOC cut overnight
• Shanghai Securities News reports on PBOC reasons for the cut
• People’s Bank of China (PBOC) sets yuan reference rate at 6.1366 (vs. prior close 6.2477)
• Front-page commentary in the China Securities Journal calls for rate cut
• “Devaluation by China is the next great risk for a deflationary world”