There was something almost mischievous about China’s surprise cut in its banks’ reserve requirement ratio, at 7:03pm Beijing time on Wednesday. True to form, this put a rocket under Asian equities on Thursday. But the fact that the first cut to the RRR in three years is seen as a decisive policy shift shows how badly China has stalled on what it claims to be a priority: interest-rate reform.
這簡直有點像惡作劇——北京時間週三晚7點03分，中國出人意料地下調了銀行存款準備金率。像往常一樣，此舉導致亞洲股市在週四飆升。人們將存款準備金率三年來的首次下調視爲決定性的政策轉變，但這一事實也顯示出，中國在其稱爲優先事項的利率改革方面，出現了多麼嚴重的停滯。
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