Normally, the People's Bank of China would have to wait until the Federal Reserve cuts interest rates before taking action, just like last year's "9.18" when the Fed unexpectedly cut interest rates by 50 basis points. The core of China's big move on "9.24" was that the interest rate differential between China and the United States would not further widen. Today, China's action is more likely to take the lead when Trump's policy shocks the outflow of funds from the US dollar and some global funds shake their confidence in US dollar assets.