The PBOC has cut the 7 day reverse repo rate to 2.5% (from 2.55%)
A small rate cut in China, fits into the stimulus story out of the country
Should translate as a positive input for risk, at the margin.
We've recently seen the one year MLF rate with a small cut also.
later this week we'll get the prime rate announcement (due Wednesday) - I'll have more on this coming up.