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China's previous monetary stimulus 'just isn't working,' a private survey shows
China’s monetary stimulus last year did little to boost loan demand in the second quarter — even though borrowing costs for businesses were lower than a year ago, according to China Beige Book survey released Friday. It suggests rate cuts by the People’s Bank of China in August may have had limited effect in spurring growth, and throws doubt on whether the latest round of rate cuts in mid-June will be effective. “For months, analysts have pumped the idea that Beijing has little choice but big-bang monetary easing,” said Leland Miller, chief executive of China Beige Book. “The PBoC started its push some ... (full story)