latest rate cuts are 'window dressing'

"However, small tweaks to interest rates and reserve requirements won't drive much of a pick-up in household or corporate borrowing and spending on their own." China's State Council, a top administrative body implementing Mr Xi's economic policies, flagged more comprehensive stimulus measures when it met on Friday, but it did not go into detail. "In response to the changing economic landscape, it is imperative to introduce policies that are more powerful," it said, according to state news agency Xinhua. Some economists had expected cuts to required reserve ratios (RRRs) rather than interest rates to protect banks' margins. Special government bond…