China's central bank, the People's Bank of China (PBOC), has recently made several key policy announcements, maintaining its benchmark lending rates and reshuffling its monetary policy committee. The committee now includes prominent economists and officials, aiming to advise on policy decisions effectively. Despite holding rates steady, the PBOC has indicated there is room to lower the reserve requirement ratio (RRR) for banks, suggesting a cautious approach towards easing. This stance is part of an 'observation period' following a strong start to the economy in 2024, with policymakers in a wait-and-see mode regarding further rate cuts. Additionally, the central bank conducted liquidity operations, injecting 2 billion yuan through 7-day reverse repo agreements while also draining liquidity from the market to maintain balance. These moves come as China aims to support economic growth, with statements from various officials highlighting efforts to promote investment, stabilize the yuan, and manage government debt levels appropriately. Moreover, China plans to issue 23B yuan in 50-year fixed-rate government bonds.