The smallness of a cut to the amount of money Chinese banks must hold in reserves may reflect concern by the Chinese central bank over inflation and U.S. monetary tightening, making further interest rate cuts less likely, analysts say.
Goldman Sachs analysts identified what "appeared to be the key considerations behind this more conservative move."
Also, Goldman Sachs analysts said, the PBOC seemed to be concerned that cutting interest rates would not have much effect on an economy in which credit demand was weak and the outlook for inflation uncertain. Policymakers might be more inclined to boost growth with more fiscal measures and targeted easing through relending and rediscounting, they said.
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