Philip Shaw

(Chinese economic) conditions remain weaker than authorities would prefer ... For markets, this is a risk-positive move given that the aim is to stimulate Chinese activity.

The data probably increases the case for more stimulus in certain parts of the world, especially from the People's Bank of China and the European Central Bank, those economies that are at less advanced paths of the recovery cycle -- the key example is the euro zone, where we're looking at more disinflation -- may well find more stimulus is in order.