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William Pesek

China's Central Bank Won't Do Beijing's Dirty Work

Xi Jinping can't get out of his share of economic reform.
The ball is in Xi's court.

The ball is in Xi's court.

Photographer: Feng Li/Getty Images

China's Zhou Xiaochuan is either the smartest or most reckless central banker in the world.

Even after its fifth rate cut in nine months on Tuesday, the People's Bank of China is running a monetary policy that's too tight for an economy on the brink. The PBOC is grappling with weakening growth, excessive debt and a plunging equity market that's wreaking havoc on household wealth, corporate profits and business confidence.