ICYMI - PBOC made a small cut to its RRR, 25bps to take effect from April 25

This is a small cut only, but had been flagged:

• A signal of a PBOC cut. This time from China's leaders. The PBOC will pay attention.

So far there has been no rate cut, just this RRR cut.

The 25-basis-point cut to banks' reserve requirement ratio will release around 530 bn yuan in long-term liquidity.

• The Bank said the cut would assist banks to support industries and firms affected by surging COVID-19 cases.

A 25bp cut is smaller than the usual 50 or 100 bps cut.