People's Bank of China needs to do whatever it takes to boost economy

It has fewer conventional tools than in 2008-09 but can still deliver shock to system

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20200513 PBOC Yi Gang.jpg

Yi Gang, Governor of the PBOC, attends a press conference in March 2019: what is needed is less talking and more doing. © Getty Images

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

After months of watching the economic outlook darken, China's central bank finally seems ready to do something about it. Perhaps something big, even.

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