Analysts said there may be concerns that cuts in the RRR or other conventional forms of loosening would leak out into the shadow banking system, already over a quarter of China’s $25 trillion credit edifice. The central bank is looking at surgical tools, comparable to the Bank of England’s funding for lending in some respects. “What is significant about this is that QE is not being viewed as last resort, but as a possible way of injecting controlled stimulus,” said one expert.