The spreads between three-month interbank rates and expected central-bank policy rates have also risen in America and the euro area.

ECONOMIST: Credit squeeze

However, for the previous three months, three members of the Bank's rate-setting Monetary Policy Committee have voted to increase rates.

BBC: UK inflation rate rises to 4.5% in April

But three years on since the Bank of England launched its quantitative easing policy, the central bank seems to be pleasing very few people at all.

BBC: Quantitative easing for whom?

This was the first time that the PBOC had cut bank reserve levels in three years, the first signal that monetary policy in China is changing.

FORBES: China's Economy At A Turning Point

This is the first time that the PBOC has cut bank reserve levels in three years, signaling a decisive shift in monetary policy.

FORBES: China Eases Monetary Policy

The European Central Bank and the Bank of England are likely to announce more monetary policy easing in the next three days.

FORBES: Wall Street Looking Beyond EU This Week To U.S. Unemployment

Faster growth in the first quarter of this year led the bank's Monetary Policy Committee to revise its forecasts slightly higher for the next three years, although the MPC said the recovery remains "weak and uneven".

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