Even as Japan and the EU embark on fresh rounds of quantitative easing to ward off deflation, the People’s Bank of China is holding the line against major stimulus.
China’s central bank is resisting a rising chorus appealing for more aggressive easing to arrest a slowdown in the economy. Instead it is taking a gritted-teeth approach that accepts short-term pain as the price of structural reform that will support sustainable long-term growth.
At first glance calls for easing in China appear justified.
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