Welcome to daybreak europe. A rally in chinese equities, the best start to the year since 2016. You are seeing some green on the screen for the Msci Asia Pacific index. Excluding japan, seeing some gains of more than 1 in todays session. In yuan not moving a lot reaction to that cut by the pboc. Pretty much in line with expectations. Some of it might be to do with easing liquidity concerns around the spring festival. Markets closed in terms of the cash market. Futures not giving us a lot of direction. Switch the board and we do see some green on the screen for the s p 500. Futures on the front foot. The dollar recovering a little bit from four days of declines. Oil on the front foot as well. Lets get back to the china story. The pboc has slashed their cash reserve ratio by 50 basis points, unleashing about 115 billion of liquidity into the financial system. The move aims to help make it cheaper for companies to borrow money. Pmi stays inring expansionary territory in line with the rece