PBOC: Steadily deepen financial reform, opening-up

The PBOC's reiteration of a moderately loose monetary policy signals continuity in its easing stance, which could support liquidity conditions across Chinese markets, including digital assets with China exposure. The emphasis on steady risk resolution in key areas suggests a cautious approach to financial innovation, potentially tempering expectations for rapid policy shifts in crypto-related sectors. For RWA markets, the focus on financial opening-up may hint at broader access or infrastructure developments, though the vague phrasing leaves room for interpretation. The open question is whether concrete measures will follow in the near term, particularly around cross-border flows and asset tokenization, or if this remains a broad directional statement.