China bank says PBOC unlikely to cut system-wide interest rates or the deposit reserve ratio

Shanghai Securities News reports (via MNI) on a research note from the Industrial and Commercial Bank of China, China’s largest bank:

• Says the PBOC will continue with its “prudent” monetary policy stance & targeted easing measures during the remainder of the year
• And that overall monetary policy easing, like a system-wide cut in interest rates or the deposit reserve ratio, is very unlikely this year
• Warned that banks are facing the threat of rising non-performing loans and that it only expects a modest recovery in loan growth