In case you missed the news from earlier, you can catch it here. The move is largely to bolster economic conditions and provide support by lowering borrowing costs and at the same time, encouraging credit supply. It is a notable step as China continues to battle against omicron risks and this sets the tone for how they are proceeding to deal with that.
For now, this is keeping risk sentiment more buoyed after a poor showing yesterday. Asian equities are up and US futures are also pointing to modest gains as we start to look towards European morning trade.
In FX, the dollar is fairly tepid while commodity currencies are posting slight gains. AUD/USD is up nearly 0.4% to 0.7238, also helped by a stronger jobs report earlier in the day here.