We expect the government to cut the reserve requirement ratio twice over the rest of 2012, with the next cut as early as July. We do not expect further interest rate cuts in 2012. 我们预计2012年剩余时间内政府将两次下调银行存款准备金率,下一次下调最早可能是在7月份,但预计2012年不会再次降息。
As a result, we do not expect a big shift in policy settings in the near term, with any move to ease liquidity conditions likely to take the form of further cuts in banks ' reserve requirements rather than lower policy rates. 所以,我们预计中国政策框架在近期内不会发生重大的转变,任何为流动性松绑的措施,都更可能采取降低银行存款准备金率的方式,而不是降低政策利率的方式。