Meanwhile, In China…

China cut rates on Monday. (Scintillating, I know.) While not exactly the stuff headlines are made of, the moves (plural) were worth a mention, coming as they did on the heels of an uneventful Third Plenum that left markets loitering in limbo. The PBoC cut the seven-day reverse repo rate in a kind of last minute move to green light reductions to both LPR tenors just a few minutes later. Typically, LPR cuts follow reductions to the one-year MLF rate, which was left unchanged this month. The