In a nutshell:
- Officials will use monetary policy tools at an “appropriate time” and consider other measures to boost consumption, according to the readout from a meeting of the State Council chaired by Premier Li Keqiang Wednesday. Separately, the central bank published a draft outline for a stability fund to provide support to troubled financial firms.
When the State Council conveys policy information its a done deal. Here is the link for more detail.
Given the lockdown of Shanghai and a rampant gain in COVID-19 cases further policy support is not surprising.