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Many observers have likened some of PBoC’s recent initiatives and possible plans to
the quantitative easing (QE) programs in the US, Europe and Japan. The similarity is
that the arrangements are quantitative in nature, as opposed to being in the form of
interest rate changes, and that government bonds could be involved. However, in our
view, in terms of character, circumstances and objectives, the initiatives in China are
different from the QE carried out elsewhere. Also, in the case of the PBoC, the
initiatives constitute much less of a break with the past as QE was for the Fed, the
ECB and the BOJ.
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