We start the show with an update on the reserve requirement ratio from China's central bank. The People's Bank of China said on Wednesday that its policy to cut the RRR for some banks will take effect on January 25th. The move is aimed at encouraging financial institutions to provide cheap loans to micro-businesses, farmers, and low-income workers. The move is also part of government efforts to energize China's lackluster private sector.

The PBOC said the RRR will be cut 50 base points, or 0.5 percent. That's for banks whose loans to the targeted groups account for 1.5 percent of their outstanding loan balances or their newly added loans in the previous year. Analysts estimate that the cut will cover all big banks, and 90 percent of small and mid-sized banks. They estimate that about 700 billion yuan in liquidity could be freed up.