No QE on cards – China Vice Fin Min Zhu

FXStreet (Mumbai) - The Chinese government isn't planning a Chinese version of quantitative easing (QE) - despite numerous rumors that have emerged recently - the country's Vice Finance Minister Zhu Guangyao said in the China Securities Journal today.

The recent approval for regional governments to replace higher-interest, maturing debt with as much as CNY 1 trillion in bonds cannot be interpreted as QE, Zhu was quoted as saying.

His comments came as the Peoples's Bank of China's (PBOC) recent rate cuts - responding to sliding growth and contracting manufacturing, property and consumer prices - sparked hopes among the economic desks that the Middle Kingdom is approaching a sovereign bond-purchasing program.