The second cut in China’s interest rates in three months reveals key elements in Beijing’s thinking, analysts argue, as it tries to reconcile an economic policy agenda beset with conflicting priorities.
The task before China requires some delicate manoeuvres.
It aims to wean the country off an extraordinary debt binge while keeping GDP growth fairly robust. It hopes to combat disinflationary pressures while preventing the renminbi from sliding too sharply against the US dollar. It wants to curb a dangerous slump in industrial profits without resorting to another round of investment pump-priming. It needs to keep domestic liquidity levels buoyant despite a surge in capital flight.
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