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Government advisers involved in internal policy discussions said that although the central bank's easing tendencies remained unchanged, the scope for reducing the deposit reserve ratio (RRR) had narrowed this year because fiscal stimulus played a greater role in promoting economic growth.
Policy insiders say the people's Bank of China is also worried that if too much money is injected into the economy, bubbles may be foamed again over time, and the central bank hopes to retain some policy measures.
"There is no need to reduce the allowance in the short term to boost economic growth," a policy adviser told Reuters. "Monetary policy should retain some space. If economic uncertainty rises or economic conditions deteriorate, the central bank can also relax its policy."
Insiders of the policy said that the possibility of lowering the benchmark interest rate was further reduced, as the central bank focused this year on reforming the interest rate mechanism.
China's economy grew steadily by 6.4% in the first quarter, and market growth was expected to slow further. Industrial value added, total retail sales of consumer goods and investment performance above March were better than expected, following a series of measures taken by the government to promote economic expansion in the past few months.
"There is little likelihood of substantial policy adjustment. The government may maintain policy support, but it may be more structural, "said the second policy source.
The People's Bank of China did not immediately respond to Reuters'request for comment.
Since the beginning of 2018, the People's Bank of China has lowered its statutory deposit reserve ratio to 13.5% for large deposit financial institutions and 11.5% for small and medium-sized institutions.
In March, central bank governor Yi Gang said there was room to reduce the reserve requirement ratio, but it was much smaller than in previous years.
Insiders of the policy said the central bank may cut the reserve requirement ratio of small banks to encourage them to extend more loans to small and micro enterprises and private enterprises. Small and micro enterprises and private enterprises are crucial to economic growth and employment creation. They expect at least one such "directional" reduction this year.


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