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We've just seen rate cuts across 4 policy instruments from the People's Bank of China.

• PBOC Loan Prime Rates (LPR) CUT: 1-year 3.55% (prior 3.65%) & 5 year 4.20% (prior 4.30%)

• PBOC 1 year MLF rate cut to 2.65% (prior 2.75%), as widely expected
• ICYMI - People's Bank of China rate cut overnight (that's two rate cuts in one day)

These have been judged as disappointing.

Chinese financial press are citing analysts expecting further cuts this year. Markets would really like to see fiscal boosts as well, but expectations for these are low:

• More from Goldman Sachs - reasons for slashing their China growth forecast

• ICYMI - Nomura slashes its forecast for China's 2023 GDP growth to 5.1% from 5.5%
• UBS revised down its China 2023 GDP growth forecast to 5.2%, from 5.7% previously