China's Central Bank Won't Do Beijing's Dirty Work

``While no one outside a tiny circle in Beijing knows for sure, I'd bet Zhou is primarily responsible for the Aug. 11 devaluation that sent shockwaves across the globe. But Zhou has been holding his fire since then, even as PBOC staffers including research head Lu Lei call for greater policy coordination with government officials. The PBOC has offered only a modest 25 basis point cut in the one-year lending rate to 4.6 percent.''