MANILA (BLOOMBERG) - Asia's surging coronavirus infections and slow pace of vaccinations is testing the limits of what central banks can do to further support what, until recently, had been the world's stand out economic recovery. With interest rates already low, the likely policy response will center on more government borrowing, relegating central banks to a supporting role. That backdrop will overshadow decisions this week where policy makers are expected to keep rates on hold - Indonesia, South Korea and New Zealand. "In my view, there is little room for further monetary policy stimulus, at least in terms of traditional policy levers like interest rate cuts," said Scotiabank head of Asia-Pacific economics Tuuli McCully. "I expect additional fiscal stimulus to play a key role in helping economies." In Jakarta, the finance ministry has offered more tax cuts to spur economic activity and plans to stick with its US$84 billion-net (S$111.8 billion-net) bond issuance target this year, even as borrowing costs climb. Bank Indonesia is expected to keep rates unchanged Tuesday (May 25). South Korea's economy is being cushioned by soaring exports even as rolling social distancing restrict...