Analysts at TD Securities note that the PBoC has cut its 7 day reverse repo rate to 2.5% from 2.55% and added CNY 180bn of liquidity via open market operations.

“The cut in rates was the first since 2015 and follows the release of the PBoC's quarterly report over the weekend, which warned both about risks to growth and rising inflation. October data was uniformly weak, suggesting that PBoC will maintain its incremental policy of easing.”