Shanghai Securities News: PBOC easing insufficient, money not flowing to the real economy

From the Shanghai Securities News, via MNI.

Industrial & Commercial Bank of China researcher Wang Jie says People’s Bank of China easing is insufficient and money isn't flowing to the real economy:

• Excess reserve deposits with the PBOC may have been as high as 4% of all deposits at the end of April compared with a normal 2%
• This suggests money isn't getting to the real economy despite recent PBOC easing
• PBOC needs to relax policy more
• The current 16.5% deposit-reserve ratio and 5.5% lending rates leave enough room for more cuts