The People’s Bank of China (PBoC) made a series of significant policy moves over the past few months, as policy-makers sought to revive China’s slowing economy, weighed down by a prolonged property crisis, weak demand and hefty local debt burdens. These included unveiling a package of housing stimulus measures in May and cutting a suite of interest rates in July. The central bank also expanded its policy toolkit to bolster falling long-term government bond yields and strengthened the role of a