A perplexing phenomenon in the global response to Covid-19 is the stark contrast between the monetary policies of the two largest economies. While the US Federal Reserve has taken a ‘whatever-it-takes’ approach by flooding the market with liquidity – and, hopefully, confidence – through a series of facilities, the People’s Bank of China, so far, has been quiet in giving any signal of quantitative easing. In fact, Beijing’s largely hesitant response also contrasts with its heavy-handed stimulus