People's Bank of China cuts 7 day Reverse repo rate to 1.90%, from 2%

A rate cut from the PBOC. Further cuts are expected, beginning with the MLF rate on Thursday:

• Nomura cites a "strong signal" for a cut to MLF rate this week and the LPR next week

• China state-controlled financial media says PBOC may cut MLF rate by 5 to 10 bp this week