Polling and comments from Citi analysts via a Reuters report:

The People’s Bank of China is expected to deliver more monetary easing in the second quarter of 2025, including a 15 basis point cut to the loan prime rate (LPR) and at least a 25 basis point cut to the reserve requirement ratio (RRR), according to a Reuters poll

Citi said there’s a growing likelihood that domestic stimulus will be brought forward, given rising external pressures.

“We see greater chance that domestic stimulus would be brought forward. We reckon that fiscal policies should lead domestic demand expansion amid external shocks”
They also expect policy rollout to accelerate, with additional fiscal funding of around 1.5 trillion yuan (US$205 billion) likely around mid-year.

In March, Beijing announced new fiscal measures, including a higher budget deficit target, and has signalled more support is coming. The Politburo is expected to meet later this month to set the near-term policy agenda.

The People’s Bank of China has repeatedly said it will adjust interest rates and RRR at an appropriate time. A 50 basis point RRR cut was delivered in September, and further easing is widely anticipated to support domestic demand.