Or did it simply lower its policy interest rate down to a depressed natural interest rate level during this time? (alt-m.org)
In a surprise move, the PBOC's director general of financial research said that negative interest rate for the state cryptocurrency was on the cards: «In the long run, due to the lower natural interest rate, monetary authorities can incorporate negative interest rate policies into the normal monetary policy toolbox.» (bitcoinnews.com)
A variety of economic factors have pushed natural interest rates very low and they appear poised to stay that way (Williams 2015b, Laubach and Williams 2015, Hamilton et al. 2015, Kiley 2015, Lubik and Matthes 2015). (frbsf.org)