China may partially roll over policy loans at steady rate, Reuters poll shows

China's central bank may drain cash next Monday via a partial rollover of maturing medium-term loans, while keeping policy rates steady, a Reuters survey showed, as ample market liquidity and a sliding yuan reduce the need for imminent policy easing.

But some still expect the People's Bank of China to ease banks' reserve requirements next month, to aid an economy hit by the COVID-19 pandemic and property market woes.

Traders point out that China's banking system is not short of cash - evidenced by the fact that market rates are lower than policy rates, curbing demand for central bank loans. "We don't expect policy rate cuts until pressure on the currency eases," wrote Zichun Huang, an economist at Capital Economics.

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