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The PBOC should too.
The PBOC was instead worried about something else.
The PBOC tightened it six times last year.
The PBOC has not yet mastered the art of micromanaging interbank rates.
The PBOC administers the country's exchange-rate policy, but it does not make it.
The PBOC should scrap its controls on lending and deposit rates.
The PBOC, not the Fed, calls the tune to which the yuan dances.
The PBOC is probably more sensitive to deviations from its targets than to turbulence in the markets.
The PBOC also published nine new financial service standards that will come into effect on 1 June, to protect consumers.
The PBOC would then have to buy even more foreign exchange to hold down the yuan, increasing the required amount of sterilisation.
The PBOC set the mid-point for the yuan at 6.5630 to the dollar, virtually unchanged from firm fixes on the previous two days.
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