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China will keep prudent monetary policy appropriate and flexible, the Chinese state media reported on Wednesday, citing a statement from China’s cabinet.

The cabinet reiterated that China will not resort to “flood-like” stimulus and will guide more credit to the real economy. Additionally, the statement revealed that the cabinet has approved rules on market access for financial holding companies.

Market reaction

This headline doesn’t seem to be having a significant impact on market sentiment. As of writing, major European equity indexes were up between 1.75% and 2.4% and the S&P 500 futures were gaining 0.7%.

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