Is China on track to join the club of countries that run zero interest rate policies? Certainly, induction into ZIRP is not to be desired — other members such as the US, Japan and the eurozone enrolled only after trying alternatives to boost economic growth.
But China’s decision late last week to cut interest rates for the fourth time in eight months — allied with a powerful incentive to reduce corporations’ towering interest payment burdens — justifies a discussion of whether ZIRP may loom somewhere in Beijing’s future.
Premier Li Keqiang, in written answers to questions posed by the Financial Times and other European newspapers, sets out the official vision.
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