China’s surprise interest rate cut late on Friday will not reverse the trend of slower growth and tighter credit, analysts said, describing the move as being more akin to fine tuning than a shift in policy.
Equity markets rallied both at home and overseas on news that the People’s Bank of China had lowered its benchmark deposit and lending rates by 0.25 and 0.40 percentage points respectively. But investors betting on broad-based monetary stimulus from Chinese policymakers are likely to be disappointed.
After a series of targeted stimulus measures earlier this year that largely failed to lower real borrowing costs, the latest move shifts the dial another notch towards easing.
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