China’s Central Bank Vows Moderately Loose Policy, Stronger Counter-Cyclical Steps

The emphasis on coordination between monetary and fiscal policy is the detail that matters more than the policy stance itself, since it signals the PBOC sees limits to what liquidity alone can fix when demand lags supply. The explicit nod to a "reasonable rebound in prices" is a tacit acknowledgment that deflationary pressure, not growth alone, is the concern. For crypto and RWA markets, the read-through is indirect: a looser Chinese backdrop can ease global risk appetite, but nothing here touches digital assets directly. Whether the counter-cyclical language converts into actual easing is the open question.