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The central bank has consistently eased policy too little, too late.
The government in Beijing, fearful that economic hardship would lead to political unrest, eased policy aggressively.
As one bubble after another has burst, from Asia to tech stocks, central banks have eased policy time and again.
The Bank of Japan eased policy five times from March to June but has taken no additional steps.
The European Central Bank eased policy in its latest statement and the Bank of Japan is still increasing the money supply.
The eased policy on currency trading also appeared to be one of the central bank's first public responses to its expulsion from a global telecommunications network of banks that took effect on Saturday, part of the tightening vise of sanctions.
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Who has benefitted from the Fed's easing policy?
An inflation-targeting central bank would then ease policy, boosting demand.
This is one reason why more measures to ease policy are expected.
Another favoured easing policy by increasing the size of the bank's asset-purchase programme.
The ECB is also running out of room to ease policy by conventional means.
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