Unlike the Federal Reserve, whose sharp rate cut on Sunday central banks around the world rushed to match, the People's Bank of China has been much more restrained in lowering Chinese interest rates -- and is likely to continue being so well into the foreseeable future.
This is because China has little room to cut rates, thanks to its unbalanced economy and stretched banking system. And China has even less room to ride to the rescue with massive spending, as it did in 2008-09.
