The PBOC’s Q4 monetary policy report released over the weekend suggests that RRR cuts could add to depreciation pressure on the RMB and warns against largescale monetary easing, notes the team at Goldman Sachs (Asia) L.L.C, concluding that over a longer horizon, the report signals a moderately dovish bias. Key Quotes "The monetary policy report contains few surprises. It indicates that the weighted average interest rate of general bank loans fell further to 5.64% in December, a drop of 37bp since September and 128bp since December 2014." "The report also gives a bit more elaboration on the ... (full story)