No One Is Talking About The Chinese Move That Is Even More Important Than The Rate Cut.

This morning, the People's Bank of China announced a surprise interest rate cut for the first time since 2008. More important and much less talked about is China's decision to allow commercial banks to offer up to 10 percent premium to the benchmark deposit rate (compared to 0 percent previously), and the up to 20 percent discount to the lending rates (compared to 10 percent previously), according to Societe Generale analyst Wei Yao.