• Peoples Bank of China (PBOC) introduced a surprise rate cut on late Saturday when markets were closed. The rate cut arrived, within a quarter of its last reduction sooner than expected by investors and analysts.

• One year deposit rate was revised at 2.50 percent and one year lending rate at 5.35 percent. Both the rates were cut by 25 basis points.

• Chinese Yuan declined further, currently trading at 6.2731 against the dollar. Further loss could be ahead as the monetary policies seem to be diverging fast as well as the reduction in carry.

• Growth, which has been sliding in recent years, slipped to 7.4% last year, its slowest pace in nearly a quarter century. Many market participants expect the government will lower this year's growth target to around 7%.

• Chinese manufacturing PMI released on Sunday showed continued contraction at 49.9. HSBC manufacturing released today showed PMI somewhat expanded at 50.7.

• China's housing sector is not doing well either. On an annual basis, average new-home prices fell 3.8% in February, a steeper decline compared with the 3.1% fall in January and the 2.7% drop in December.

• Monday Chinese stock market CSI 300 has cheered the rate cut but continue to struggle to gain ground. CSI 300 is currently trading at 3336 up around 0.80 percent for the day. Market has clearly struggled to break above 3400, after last year's magnificent rally near 45 percent.

• Despite the easing outlook, the concerns over Chinese economy and debt burdened corporates might continue to weigh on the country's stock market and may see long covering and profit bookings if situation deteriorates further.