China’s third interest-rate cut in six months signalled the central bank’s commitment to pushing back against deflation and its impact on real borrowing costs.
But what is less clear to analysts is the extent to which lower rates — and a host of other easing measures — can solve the conundrum that has bedevilled many a central bank: how to ensure looser monetary policy translates into a greater flow of funds into the real economy.
The Communist party’s politburo noted in an April 30 meeting that while money-market interest rates have fallen since the latest cut in banks’ reserve requirement ratios in mid-April, this increased liquidity has largely not filtered through to the real economy.
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