04/20/2015 07:28 EDT | Updated 06/20/2015 01:12 EDT

Markets look to open higher after Chinese central bank moves to boost economy

TORONTO - North American stock markets were set to open following a decision by China's central bank to boost that country's economy.China's central bank cut the required reserve ratio for banks by one percentage point on Sunday to stimulate lending.Futures trading suggested U.S. markets were set to open higher following the move which allows banks to lend out a higher proportion of their deposits.China's economy grew by seven per cent in the first quarter of the year, the lowest quarterly expansion since the 2008 financial crisis.On the commodity markets, the May crude contract down 36 cents at US$55.38 a barrel, while the June gold contract was down US$5.60 at US$1,197.50.The Canadian dollar was down a 0.01 of a U.S. cent at 81.77 cents.