China’s stock markets dived across the board following a slight rebound in the morning session despite several government departments unleashed signals of stimulus over the weekends.

The benchmark Shanghai Composite Index dropped 1.49% to close at 2568.10, while the Growth Enterprise Market (GEM) Index tumbled by 1.43% to 1250.22.

Stocks of coal, telecom and navigation led the declines. Only the shares of 5G industry and several concept stocks saw expansion across the Shanghai and Shenzhen markets.

“If winter comes, can spring be far behind?” said Liu Shiyu, president of the securities exchange watchdog on Sunday. Potential reforms would be launched soon, according to Dow Jones Wire citing media reports.

The regulator’s efforts to shore up confidence of the market did not convince the investors, among whom a negative sentiment spread despite the news that China accelerated the long-discussed cross-listing program between exchanges in Shanghai and London by publishing the operation rules last week.

A stable domestic market seemed the most important for the biggest economy in Asia amid the global financial market crash under the escalating trade tensions between Beijing and Washington.

“The current interest rate level is appropriate given that the U.S. Federal Reserve has been raising their rates,” China’s central bank governor Yi Gang said at the International Monetary Fund (IMF) and World Bank’s meetings in Indonesia on Sunday.

“There is still ample room for China to adjust banks’ interest rates and reserve requirement ratios (RRR),” added Yi, suggesting the possibility of further easings of its monetary policy.

Analysts did not expect a drop of interest rates in the near future, but a great probability for the RRRs amid the economic slowdown.

The deleverage campaign, a vast effort to reduce debts of companies and local governments over the past two years might be suspended, as the leverage ratio of last year and this year had stabilized and was no longer rising rapidly, seen by the central bank.