What's the meaning of "losing one's bite'? I can't find the entry in dictionaries.

If monetary policy is **losing its bite**, the onus falls more firmly on fiscal policy to rescue China’s economy.

Question

What's the meaning of "losing one's bite'? I can't find the entry in dictionaries.

If monetary policy is **losing its bite**, the onus falls more firmly on fiscal policy to rescue China’s economy.

Answer

I should have said it is losing its effectiveness not  it has lost its effectiveness

Answer

If monetary policy is **losing its bite**, the onus falls more firmly on fiscal policy to rescue China’s economy.

In the sentence that you gave,  " losing its bite" simply means that it has lost its effectiveness