The beginning of the Evergrande endgame is finally edging into view, just as China moves more decisively into monetary easing mode.

Haircuts are around the corner: at least for those unlucky enough to have bought Evergrande’s offshore bonds near full price. A timely cut to Chinese banks’ reserve-requirement ratios, announced Monday evening, may be partly aimed at soothing markets ahead of any further Evergrande-related turbulence.

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