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"That being said, the RRR is likely to only have a limited positive impact, as we believe the real hurdle for the economy lies in local officials' more zealous implementation of Covid restrictions rather than insufficient loanable funds."

Ting Lu, chief China economist at Nomura, says a RRR cut is likely to be of little use, as the biggest roadblock lies in the government's zealous approach to dealing with COVID, rather than insufficient loanable funds.

"With so many lockdowns, road barricades and property curbs, the most concerning issues lie mainly on the supply side, and merely adding loanable funds and slightly cutting lending rates are unlikely to effectively boost final demand."

Such strong competition for loanable funds could potentially choke off the expansion with high interest rates.