The People’s Bank of China (PBOC) has taken an unexpected approach to monetary policy this year. As the Chinese economy has slowed, the central bank has refrained from using the “flood-irrigation” (大水漫灌) approach (credit-fueled stimulus) as in the past. Instead, it is pursuing what it refers to as the “precision drip-irrigation” (精准滴灌) method. This “drip-irrigation” approach is more than just… READ MORE
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