PBOC (small) rate cut:
Most new and outstanding loans in China are based on The one-year LPR. The five-year rate influences the pricing of mortgages.
Reuters have further expectations from Capital Economics:
We expect a further 45 by of cuts to the one-year LPR during 2022
Just as important is what happens to quantitative controls on credit, including on borrowing by local governments. Early signs are these will be relaxed, but not greatly. The overall impression, including from today’s announcement, is that policy is being eased but not dramatically.