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Mood has changed across global markets as risk appetite improved across all asset class. Commodity currencies have been major benefactor as Chinese leaders assured of further stimulus.
After an economic meeting of Chinese leaders, they assured market that there would be more stimulus to economy. Both fiscal and monetary. China would slowly increase the fiscal deficit while monetary policy would be more accommodative. People's Bank of China (PBoC) has already reduced interest rates six times since third quarter of 2014 and further seems to be on its way.
China announced monetary policy would be more flexible and monetary policy more forceful to combat slowdown in growth.
Stocks are mostly up globally today but marginally. Australian Dollar is up more than half a percentage point, while New Zealand Dollar is up similar amount. Oil has halted its recent decline to move up today, supporting gains in loonie.
Analysts point out that even there hasn't been a major rally today, China's announcement would help prevent any bear rampage across asset class. Moreover there could be large rallies after actual policy announcement.
China's benchmark stock index, Shanghai composite closed at 3652, up 0.3% today.
