Major central banks, including the Federal Reserve and the European Central Bank, have also cut borrowing rates or signalled the willingness to do so in recent months. But People's Bank of China boss Yi Gang said told a news conference: "We are not in a rush to act as central banks of some other countries have done." He said there was no pressing need for big policy easing steps or to further cut the amount of cash lenders must keep in reserve to release more money into the stuttering economy.
Major central banks, including the Federal Reserve and the European Central Bank, have also cut borrowing rates or signalled the willingness to do so in recent months. But People's Bank of China boss Yi Gang said told a news conference: "We are not in a rush to act as central banks of some other countries have done." He said there was no pressing need for big policy easing steps or to further cut the amount of cash lenders must keep in reserve to release more money into the stuttering economy.