Positive PMI data may have delayed QE, but expect the debate to rage on Some observers had predicted that, in the event of a slew of weak economic figures, the Monetary Policy Committee's monthly meeting could mark the moment when the minority calling for more QE, led by Sir Mervyn King, the Governor, would win wider support. The services PMI was seen as the crucial data in this respect. In the event, the Bank's policy makers held back from further stimulus measures. But whether they will hold that position under new Governor Mark Carney, who starts in July, is another matter. Furthermore, any nasty economic surprise would pile on the pressure to unleash more action. That is why business lobby groups, such as the British Chambers of Commerce, were on Thursday warning of the dangers of QE - as they saw them -and applauding the Bank's restraint. For one swallow does not a summer make (should one ever bother to show up) - and one month of inaction does not signal a reprieve for QE opponents. Prepare to hear more on this debate in coming months. Apple evolves strategy to meet China halfway Faced with the world's most important market, even the world's biggest company can be pragmatic. Proponents of free speech may be horrified, but once any company has taken the decision to operate in China, ignoring China's laws is not an option. It told Chinese customers it would improve customer service after being accused of "unparalleled arrogance" by The People's Daily newspaper. It would be a cheap shot, though, to say that Apple has responded to China where it has, for years, only ever talked to Western media on its own terms. Although the size of the Chinese market is so vast that no company can afford to ignore it, Apple was changing its approach already. Tim Cook, chief executive, for instance, toured the Foxconn factories that make products for Apple and posed for pictures on the production lines. Prior to the announcement of the Samsung Galaxy S4, Phil Schiller, senior vice-president, and other senior Apple staff spoke to the media. Is this Bitcoin rush a load of monkey business? So, wait a minute, let's get this right. After all, this Bitcoin phenomenon needs a little close scrutiny. A list should help. 1) It's a virtual currency - that is to say, it only exists in a virtual world. 2) Its "value" has risen from just $100 on April 1 - perhaps aptly - to a record $147 this week. 3) No one knows exactly who controls its circulation, let alone whether the rules underlying its value and creation can be subverted. After all, as a virtual currency, it cannot be regulated. 4) Its popularity seems to have been driven, at least in part, by criminals and money launderers looking for a quick way to wash their cash. It's quite a list. Full of enough red-light warning signals to persuade most investors not to put their cash anywhere near it. Or that's what you might presume. But one report on Thursday suggested asset managers are throwing hundreds of millions of dollars into the Bitcoin market. It's not clear who those asset managers are representing - and there's every chance if they time their punts right, that they'll see a handsome pay day - but is this really responsible investment? It's a heady combination of casino investing and the wisdom of the herd. Perhaps, then, we should not be surprised by another report circulating yesterday - that a monkey investing at random would have produced better returns over the past 40 years than a typical tracker fund invested in a stock market index. Clearly a number of money managers out there have gone completely bananas.