Asian investment bank CLSA agrees and expects the PBOC to follow up with another interest rate cut as early as this month.

“Post the NPC, the government will be more aggressive in supporting the economy, with a rate cut this month. We anticipate the second quarter to be a better quarter,” Francis Cheung, head of China & Hong Kong strategy at CLSA, said.

-- Francis Cheung, head of China & Hong Kong strategy at CLSA told CNBC on April 14