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GRAPHIC: Australian wine exports - tmsnrt.

Information memorandums on the skin health business sale, being run by Credit Suisse and Evercore, are expected to be sent by the end of January and first-round bids are likely to be submitted in early March, the sources said.Nestle and all the funds declined to comment.

Merz Pharma, a private German company that sells wrinkle fillers and other skin treatments, has reached out to several private equity bidders to find a partner, the sources said.The move by Merz shows the strength of private equity in the auction, given they want the whole Nestle unit.

Industry rivals are only expected to bid for parts of the business.

Nestle Skin Health, which sells Cetaphil and Proactiv skin care products, Restylane wrinkle fillers and prescription dermatology medicines, had sales of 2.7 billion Swiss francs last year, accounting for about 3 percent of Nestle’s total.

The sources said industry players which might take part in the auction included Beiersdorf BEIG.

DE, Allergan AGN.Analysts expect another 150 basis points (bps) of cuts in banks’ reserve requirement ratio by the end of this year, on top of 100 bps announced this month.

That is more than expected in the last poll in October.While weak data recently has stirred speculation that China may need to resort to more aggressive stimulus, analysts do not expect the People’s Bank of China (PBOC) to cut interest rates, the Reuters poll showed.

It is expected to keep its benchmark lending rate unchanged at 4.35 percent through this year.

Cutting benchmark rates may be the last resort as that could weigh on the yuan CNY=CFXS and add to a mountain of debt leftover from the last massive credit spree during the global financial crisis.