Part of the call for further easing may be due to the relatively small impact from the RRR cut, which analysts expect will push anywhere from 50-100 million yuan into the economy.
"Those targeted measures will only effect may be 10-15 percent of all the lending activity in China," Donald Straszheim, senior managing director at ISI Group, told CNBC. "They're a gesture (and) not really something materially going to move the needle."
Some analysts believe the needle really needs to be moved.
Read More Is China still growing too fast?
"We think that's not sufficient to support our reasonable growth," Hu Yifan, head of research at Haitong International, told CNBC. "The PBOC is somehow still delaying supportive policies," she said.
"The economy really needs a proper, right push at the right timing to support growth to stabilize the recovery status," she said, citing weak first quarter data and the market's low expectations for May data.
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China's annual economic growth eased to 7.4 percent in the first quarter from 7.7 percent in fourth quarter, leading many economists to downgrade their 2014 growth expectations.
After years of double-digit growth, authorities intend to shift the economy from investment-driven growth to domestic-demand-driven growth amid concerns about excessive credit and overinvestment in some sectors. Many analysts are concerned that if the transition isn't handled well, China, which has the world's second-largest economy, could face an economic "hard landing."