We open with a look at Chinese monetary policy. The People's Bank of China on Tuesday pledged to maintain a prudent and neutral monetary policy and keep liquidity reasonably stable.

The central bank said that China would also increase macro-prudential management for shadow banking and real estate financing. The PBOC also said it would establish a mechanism for internet financial regulation and risk prevention. In addition, the PBOC said it would use multiple monetary policy tools to realise reasonable growth in credit and social financing. The central bank added that it would also deepen market-based interest rate reforms, manage systemic financial risks and keep the yuan basically stable.