Nonetheless, the PBOC’s tactical decision is not without potential pitfalls – not least because interest-rate cuts encourage the extension of more credit at a time when China is trying to wean itself from debt-intensive growth. A key challenge will be to avoid escalating credit risk, which could undermine the process of reform and rebalancing.
尽管如此，中国人民银行的战术性决定也存在潜在漏洞，因为这鼓励了信用规模扩张，而中国正在竭力摆脱债务密集型增长。一个关键的挑战将是避免信用风险升级，浙江破坏改革和再平衡过程。