China reserve ratio cut not a signal of impending large-scale stimulus: Xinhua

``China's move to cut banks' reserve requirement ratio (RRR) indicates a slight easing bias in China's "prudent" monetary policy, but that is by no means a signal of any coming large-scale stimulus, the official Xinhua news agency said in a commentary late on Tuesday... Hong Hao, managing director of research at BOCOM International, said the RRR cut was largely liquidity neutral, because the move was intended to offset the decline in China's foreign currency reserves and to accommodate more than 1 trillion yuan of open market operations facilities due this week.''