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PBOC: No more stimulus; People’s Bank of China warned it will refrain from broader monetary easing
Topic Started: 4 Aug 2014, 11:47 PM (454 Views)
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http://www.bloomberg.com/news/2014-08-02/china-central-bank-signals-no-broad-monetary-easing.html

The People’s Bank of China warned that the country’s credit and money supply have increased rapidly and indicated that it will refrain from broader monetary easing to support growth.

“The total debt level has been rising relatively quickly,” the PBOC said in its second-quarter monetary policy report on Aug. 1. “Our existing money supply and credit are already relatively large and their growth is also high.”

…“Restructuring and reform of the economy remains an arduous task,” the central bank said in its 54-page report. “It’s not appropriate to expand overall liquidity sharply to solve structural problems.”

The PBOC reiterated its “prudent” monetary-policy stance and pledged to “keep overall liquidity stable while improving its structure.” It said it will exploring resolving local-government debt problems in “market-oriented” ways.

The central bank reiterated it will use tools including open market operations, reserve requirement ratios, relending, standing lending facilities, and short-term liquidity operations to adjust liquidity, according to the report.
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newjez
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Surprised there was no comment on this? Not worthy of discussion as it is fairly central in the scheme of things?
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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Count du Monet
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newjez
5 Aug 2014, 04:26 PM
Surprised there was no comment on this? Not worthy of discussion as it is fairly central in the scheme of things?
I don't think the PBC can be taken at its word any longer. It'll say one thing and then do another. It's a failed central bank!
Edited by Count du Monet, 5 Aug 2014, 06:46 PM.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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herbie
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Count du Monet
5 Aug 2014, 06:45 PM
I don't think the PBC can be taken at its word any longer. It'll say one thing and then do another. It's a failed central bank!
Count, you cynic you! Have you EVER known any central bank anywhere to EVER tell a fib!?!

Hmmm - Then again, Ben 'Subprime is contained' Bernanke pops to mind ... :)
Edited by herbie, 5 Aug 2014, 08:35 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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o2sd
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newjez
5 Aug 2014, 04:26 PM
Surprised there was no comment on this? Not worthy of discussion as it is fairly central in the scheme of things?
Best to ignore what the PBOC says and watch the 7 and 14 day repo rates, which are the primary source of interbank lending when the PBOC tightens, so you can see the effect there.
http://www.chinamoney.com.cn/fe/Channel/2780354
If you take that chart back to July 2013, you can see the spike in repo rates when the PBOC actually tightens as opposed to just talking about it.

They might be trying to jawbone credit growth down without actually breaking credit markets. Good luck with that!
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