China's Cabinet: Will implement broad RRR cut and targeted RRR cut in time

Citing Chinese state media, Reuters recently reported that the Chinese cabinet said that the will implement a broad cut to the required reserve ratio (RRR) in time. 

"We will maintain a prudent monetary policy, will finetune the policy in a preemptive way," the cabinet reiterated and voiced their commitment to keeping consumer prices stable. 

Although these comments are nothing new to markets, they seem to be helping the market sentiment remain positive with the S&P 500 Futures pointing out to a strong start to the day in Wall Street and the 10-year Treasury bond yield clinging to daily recovery gains of more than 2%.