Late Nov 2014 China's PBoC cut rates asymmetrically / Early Feb 2015 PBoC cut RRR to 19.5% / Now early-March, PBoC cuts rates symmetrically, although banks reserve last right to raise the deposit rates subject to cap.
If anything, rate-cuts should keep coming prior to FED's first rate-hike, ie, either before June or Sep. If PBoC doesn't speed up the cuts, any moves after FED's rate-hike would worsen a $$/capital-flight out, thus making the whole currency situation dicier if China wishes to maintain stability on RMB. Thereafter, post FED rate- hike, the logical move would then be RRR-cut so that banks could release more funds into the markets.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.