After just 24 hours or so, things are starting to line up for China markets thanks in large part to the renewed sense of urgency that Beijing is showing.

The PBOC announced a 50bps cut in the RRR - one of the conditions I put down as necessary to turn this bounce into a longer-lasting rally. It will unleash $140B into the system.

Also today, news that CN government will take into consideration the market cap of SOEs in the appraisal of the performance of their heads/leaders. A move aimed at performance-based assessment instead of being merely a political assignee.

Then, almost simultaneously, news that China's social security and insurance funds could place about 30% to 40% into stocks - potentially funneling RMB 540B ($75B) into the markets.

Anything can still happen. And like I've said previously, Chinese stocks have a tendency to explode to the upside. What we want next is even less talk of regulation... and possibly even rolling back a few of them that have hampered the important tech industry.