China's monetary shift signals economic worries, but ‘bazooka-style' stimulus is unlikely, experts say [CNBC]
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Source: CNBC
“Potential monetary easing leeway is much more limited [now] than 15 years ago,” said Tao Wang, head of Asia economics and chief China economist at UBS Investment Bank. The People's Bank of China cut its benchmark 1-year lending rate by a total of 156 basis points and lowered the ratio of bank cash reserves by 1.5 percentage points from late 2018 to 2010. China's top leadership surprised the market Monday by signaling a shift in its monetary policy stance after 14 years, indicating the economic challenges facing the country are quite entrenched, yet an outsized stimulus is unlikely, according to experts. China is looking to switch its policy stance next year to “moderately loose” from “prudent” — a phrase they haven't used since the depths of the global financial crisis in 2008 , when they loosened the stance and stuck with it until 2010. This is the first time the current leadership has acknowledged that monetary policy should be loose, setting the stage for “a new monetary
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