Can China Keep Easing Without Irritating Donald Trump?

At a time when major central banks the world over are hamstrung in their capacity to bolster growth and inflation by the proximity of policy rates to the lower bound and a lack of room on bloated balance sheets, you might be tempted to suggest China is in an enviable position. After all, the PBoC has plenty of room to cut rates and if you're inclined to ask "which rate?", I would respond as follows: "Exactly". The point: China not only has considerable scope to cut rates further, they also hav