Chinese banks pumped more than US$1 trillion into the economy in the first quarter of the year, in an effort to stem the bleeding from the coronavirus pandemic.Quarterly lending reached an all-time high, even as the People’s Bank of China showed no intention of following the US Federal Reserve’s gung ho stimulus playbook, favouring targeted rate cuts and liquidity injections instead.Instead, at a press conference in Beijing on Friday, a senior central banker claimed China’s targeted approach was “10 time more efficient than Washington’s”.”China’s efficiency is 10 times that of the Fed. Each yuan injected into the money supply generated 3.5 yuan worth of bank loans,” said Sun Guofeng, director general of monetary policy at the PBOC, claiming that the US had injected US$1.6 trillion