In light of the economic downturn, the market remains very hopeful that the central bank will further ease the monetary policy.

ANBOUND's research team is of the view that currently China is not only facing economic downturn and excess liquidity but also troubled by the worsening trend of RMB depreciation and capital flight.

In this context, it is difficult to rely on loose monetary policy to stimulate economic growth.

It is expected that in the beginning of 2016, the central bank will not adopt the ultra-loose monetary policy but rather the central bank will be very cautious in easing the monetary policy moderately.