这几天中国极低的REPO利率，让人产生了需要降息的预期，理由是货币政策传导不畅。除了数量工具，价格工具更重要。

Repo Madness in China Cries Out for Official Rate Cuts

By?Yinan Zhao

(Bloomberg) –?

Rates tumbled into the basement at the very short end of China’s interbank markets, as?the PBOC faces pressure to resort to stronger easing in order to make monetary policy effective.

China’s overnight interbank repo rate dipped Tuesday below the interest rate the PBOC pays on excess reserves — the benchmark that should be a floor for all rates. That’s right, one or