Why China's RRR cut reeks of desperation

``... policy watchers were scratching their heads over the series of conflicting announcements. The PBoC is scrambling to ensure stability in China's notoriously volatile share market, said Mark Andersen, global co-head of Asset Allocation at UBS CIO Wealth Management... The magnitude of Sunday's RRR cut confirms that authorities have become increasingly dependent on equity markets, economists say.''