Scenario description
Assume that by the resolution date the People’s Bank of China implements a broad benchmark-rate easing step after the late-September targeted support package. Qualifying actions include an operational cut to a main policy benchmark such as the seven-day reverse repo rate, medium-term lending facility rate, loan prime rates, or required-reserve ratio, with the change applying systemwide rather than only to a named sector, borrower class or policy-bank facility. The precise size, pass-through and any accompanying yuan-management or liquidity operations are limited to what is reported by official PBOC, NAFR, State Council, exchange-system, or major financial-news sources.