PHILIPPINE C.BANK governor said the reserve requirement ratio (RRR) is not a monetary policy tool and the central bank plans further cuts to banks' reserve requirements; the timing of any reduction is important.

eBay denied market reports that it cut 80% of staff in China, calling the figure speculative. The company said a global workforce adjustment announced yesterday includes China and that the CEO indicated the reduction impacts about 9% of employees worldwide. eBay said it has not closed its China R&D center, has not exited the Chinese market, and seller-facing activities continue; it plans an annual auto-parts seller event in December.

Buluoke (00325.HK) shares plunged more than 20% on turnover above HK$500mln after the controlling shareholder sold over 3.84mln shares, raising about HK$251mln.