China cut only one Loan Prime Rate, and less than expected - here's why

This snippet from UBS on yesterday's disappointment from the People's Bank of China:

• China cut its one year loan prime rate, but less than markets had anticipated.
• For those bewildered by the plethora of policy tweaks in China, it is best to look at the bigger picture. China is easing policy, but the focus may be on supporting rather than stimulating consumption—lowering costs for existing borrowers more than encouraging stronger credit growth.

Bolding above is mine. The new normal is lack of stimulus from China.

I posted yesterday on China's deleveraging efforts overtaking the desire for growth,

• There is no doubt that deleveraging is a Chinese policy goal

Whis is a worry for the rest of the world ... AUD AUD The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank Read this Term for example:

• AUD/USD at risk of dropping under 0.60 (unless China stimulates, big time)

ps. Here is the PBOC decision yesterday:

• PBOC Loan Prime Rates (LPR) CUT: 1-year 3.45% (prior 3.55%) & 5 year 4.2% (prior 4.20%)