Justin had the post yesterday:

PBOC deputy governor says will keep yuan exchange rate basically stable

Adding a little more now, Deputy Governor Liu Guoqiang added:

• the PBOC will “open monetary policy toolbox wider, maintain stable overall money supply and avoid a collapse in credit.”

He left the possibility of further modest reductions in the required reserve ratio (RRR) open.

Mounting further downside risks to China's economy along with

• little inflationary pressure
• an imploding property sector
• slowing economic growth

have increased risks to financial stability.

Coming up tomorrow:

• analysts expect prime rate cut Thursday