China vice premier, Liu He, is on the wires

  • China's economy faces increasing downward pressure
  • China has sufficient macro policy tools
  • To increase lending to small and private firms
  • Will improve monetary policy transmission mechanism

More of the same stuff coming from Chinese authorities as they continue to try and shore up market confidence. Nothing that really stands out here.

Markets continue to be more optimistic on the day with USD/JPY rising to 106.70 currently from 106.50 levels earlier amid the more buoyant risk mood.