ICYMI - People's Bank of China rate cut overnight (that's two rate cuts in one day)

Here's the first rate cut - on Tuesday the PBOC cut its repo rate:

• People's Bank of China cuts 7 day Reverse repo rate to 1.90%, from 2%

And, the second cut - the Bank followed up with another cut overnight, lowered the interest rates on its standing lending facility (SLF) by 10 basis points:

• the rate on the overnight SLF was reduced to 2.75% (from 2.85%)
• the rate for the seven-day SLF fell to 2.9% (from 3%)
• that for the one-month SLF was cut to to 3.25% (from 3.35%)

Another rate cut from the PBOCis expected on Thursday:

• Nomura cites a "strong signal" for a cut to MLF rate this week and the LPR next week

• China state-controlled financial media says PBOC may cut MLF rate by 5 to 10 bp this week