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China’s Interest Rate Cut: No Surprise; More to Come
[private]
- The PBOC’s rapid interest rate cuts reveal their implicit admission of the evident: the degree of policy easing applied during the first few months of the year was insufficient to reverse the decline of the economy’s rate of growth; more will probably be done near-term; most of the action, for now, concentrated on the monetary policy front.
7-5-12–EMG INDICATORS AND INSIGHTS _China Monetary Policy_[/private]