PBOC says its necessary to increase support to the real economy

People's Bank of China:

• Urges financial institutions to act swiftly in implementing expansive financial policies
• Necessary to increase credit support for the real economy, maintain a reasonable growth in the total amount of money and credit
• Necessary to also strengthen the implementation and transmission of interest rate policies, and solidly organise the batch adjustment of interest rates to reduce the stock of housing loans

Earlier today we had the news of depo rate cuts at Chinese banks:

• Confirmation news - China banks cut fixed deposit rates by 25bp

More banks have announced 25bp rate cuts since then.

PBoC, NFRA and CSRC held a meeting with major financial institutions.