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The People’s Bank of China (PBoC) on Wednesday announced that China will be rolling out 11 financial reform measures in the near-term.

“China will deepen the reform of small and medium-sized banks, accelerate the replenishment of their capital,” the PBoC added. “China will further open the credit rating sector, including foreign credit rating agencies conducting bond rating business and will step up crackdown on financial irregularities.”

Market reaction

These comments had no apparent impact on market sentiment. As of writing, major European equity indexes were up between 1.2% and 1.7% on the day.