China’s central bank acted shortly after news that officials from China and the Trump administration will hold their first formal trade talks since the punishing tariffs began.

China has announced a barrage of measures meant to counter the blow to its economy from U.S. President Donald Trump ’s trade war, as the two sides prepare for talks later this week. Beijing’s central bank governor and other top financial officials outlined plans to cut interest rates and reduce bank reserve requirements to help free up more funding for lending.

U.S. stock futures and Chinese markets rose on Wednesday, as investors cheered news of a meeting between top U.S. and Chinese trade officials as a chance to tone down the tariffs, while China cut interest rates and vowed to support stock markets.