China's Cabinet: Will step up monetary policy to support real economy

China will step up the monetary policy support to the real economy and help small and medium-sized firms, the Chinese state media reported on Wednesday, citing a statement from China's cabinet.

Additional takeaways

"Will ensure new yuan loans and total social financing in 2020 to be over than last year.

"Will keep liquidity reasonably ample via RRR cuts, re-lending."

"Will step up the disposal of non-performing loans."

Market reaction

The market mood remains upbeat during the European trading hours with the Euro Stoxx 50 Index and Germany's DAX Index gaining 0.85% and 0.62%, respectively.