- Closely watching effectiveness of policy steps
- Recent interest rate cuts for property sector have achieved significant results
- Will implement monetary policy in a precise and forceful manner
They will not admit that whatever they are doing isn't enough, so don't expect a change in the rhetoric by the PBOC no matter the situation. But it has been evidently clear for some time now that China needs more than just monetary policy to bolster support for the economy. The fiscal side has to step in and we're not seeing enough of that just yet.