BofA with the note.
The People’s Bank of China (PBoC) has expanded its balance sheet by nearly RMB5tn or12% over the past 7 months, according to the latest data released by the central bank (Exhibit 1).
This larger-than-usual expansion has led some to claim that China isnowembarking on its own version of Quantitative Easing (QE) to stimulate the economy.