PBOC's Zhang: China will not cut RRR for the time being

More on the People’s Bank of China's reluctance to cut the reverse requirement ratio

Its from the South China Morning Post (MNI with the heads up)

Comments from last Tuesday's PBOC meeting minutes, specifically from Zhang Xiaohui, assistant governor of the PBOC's monetary policy department:

• China will not cut the reserve requirement ratio (RRR) for the time being to avoid creating more depreciation pressure on the yuan
• PBOC needs to cautiously maintain yuan stability when managing liquidity
• The policy signal which stems from a RRR cut would be too strong, while other tools could also be used instead to inject liquidity

Note, this is not particularly fresh news (eg. posted yesterday)