China’s easing won’t solve its many problems

China’s RMB has fallen sharply, from a late February exchange rate of 6.31 to the US dollar to 6.53 on April 22, as the People’s Bank of China (PBOC) reduced its benchmark short-term rate from about 2.1% to 1.5%. The rate for 7-day repurchase agreements (short-term loans against banks’ securities holdings) is now at the […]