The article comes after last week’s RRR cut which was not a ‘targeted’ cut (these tend to stimulate, by making lending less restrictive, specific parts of the economy such as lenders to SMEs &/or others) but rather a broad cut. Estimates of funds released range circa 1tln yuan.

What is immediately on the horizon is the People’s Bank of China’s monthly lending rates announcement, which comes on July 20. You’ll be familiar with these each month the 1- and 5-year loan prime rates. They are unchanged for 14 months.

Of course, interest rates cuts are only one possible tool.