The People’s Bank of China signalled its intention to contain rising leverage by adding just enough cash to maintain medium-term liquidity. Stocks fell as expectations that the central bank would loosen its purse string were dashed. The PBoC injected 150bn yuan ($23bn) into the financial system on Thursday with its medium-term lending facility. That more-or-less matches the 100bn yuan due and 56.1bn yuan of targeted loans maturing on April 25. While money markets barely reacted, the decline in stocks showed how equity traders are struggling to come to terms with plans by Chinese policy makers to gradually wind back pandemic-fuelled stimulus. The test for the economy will come in the weeks a
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