Workers in protective suits keep watch on a deserted street during a lockdown in Shanghai on April 16. Photo: Reuters
Workers in protective suits keep watch on a deserted street during a lockdown in Shanghai on April 16. Photo: Reuters

Pain for China stock funds, with strategists at Goldman, Credit Suisse confounded by PBOC’s token easing move

  • China’s central bank lowered banks’ reserve ratio by only 25 basis points on Friday, the smallest cut in history, against expectations of a bigger shot in the arm
  • Rolling lockdowns add second- and third-order hits to confidence, consumption and wage growth, diminishing the multiplier effect of large stimulus

Workers in protective suits keep watch on a deserted street during a lockdown in Shanghai on April 16. Photo: Reuters
Workers in protective suits keep watch on a deserted street during a lockdown in Shanghai on April 16. Photo: Reuters
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