What China was supposed to do over the weekend, and waited until its stock market tumbled another 16%, it has just done, because as MarketNews, Reuters and Bloomberg all just blasted, moments ago the PBOC cut both the benchmark and RRR rates: CHINA PBOC CUTS INTEREST RATES CHINA PBOC CUTS REQUIRED DEPOSIT RESERVE RATIO CHINA PBOC CUTS 1Y DEPOSIT RATE BY 25 BPS CHINA PBOC CUTS 1Y LENDING RATE BY 25 BPS CHINA PBOC CUTS BANKS DEPOSIT RESERVE RATIO BY 50 BPS More shortly