Business Maverick: China’s Stimulus Debate Is Still Alive After Grim Trade Data

. Yet the fear of a bubble in the property market could still preclude larger-scale action.

On top of the reserve-ratio cut announced Friday, more government debt sales are in the pipeline. Some in financial markets also expect a cut in the interest rate on the central bank’s medium-term loans to banks, though policy makers skipped an opportunity to do that on Monday.Before Friday, the People’s Bank of China had cut banks’ reserve ratios twice this year, unleashing cash to help banks lend more. In the latest move, the required reserve ratio for all banks will be lowered by 0.

However, Nomura International Ltd has warned markets to be conservative in estimating the potential of RRR cuts. That’s because current curbs on financing rules for the property sector and the anti-pollution campaign have meant softer overall demand for credit.The PBOC has refrained from cutting the benchmark rate or the rates for its market liquidity tools in recent years.

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