Analysts at Brown Brothers Harriman explained that the People’s Bank of China has been on hold since October 2015, when it cut policy rates 25 bp. Key Quotes: "The cumulative easing of 165 bp in the 1-year lending rate since November 2014 has had the desired impact, with new loan growth expanding significantly since mid-2015." "CPI rose 2.3% y/y in both February and March, the highest since mid-2014 but still below the targeted 3%. The economy continues to slow at a manageable pace, but further easing is likely this year if it gathers too much pace." For more information, read our latest forex news.