the pboc governor had flagged that late last year.that means is that the pboc will cut interest rates and rrr at inappropriate time in a timely manner this year. that was stated in a government work report that was read up by premier -- the premier. economists expected 30 basis point cuts to the interest rates and a 100 basis point cuts to the reserve requirement ratio. the question is when are they going to do this because your to date so far you look at what the pboc has done, their focus had been laser sharp on supporting the value of the u.n.. the pboc has been withdrawing liquidity from the financial system to defend the u.n. and it looks like at this point they wouldn't want to be accused of being a currency manipulator or to devalue the u.n. -- yuan to offset tariffs, especially giving trump's recent, specifically naming the yuan in the yen in its currency watchlist. so it looks like the pboc is still in a holding pattern here as they assess what the final impact of tariffs are going to be before they modulate their final respo