China's Cabinet: Will not resort to flood-like stimulus

China's cabinet said on Wednesday that it will use timely cuts to the reserve requirement ratio (RRR) to support the real economy, Reuters reported, citing Chinese state media.

Additional takeaways

"Will not resort to flood-like stimulus."

"Will keep monetary policy stable, increase policy effectiveness."

"Will help lower financing costs for the real economy."

Market reaction

These comments don't seem to be having a noticeable impact on market sentiment. As of writing, the S&P Futures were up 0.2% on a daily basis while Nasdaq Futures were gaining 0.6%.