China has rolled out a barrage of measures meant to counter the blow to its economy from U.S. President Donald Trump's trade war.

The Trump administration is heading into weekend talks with China contemplating a potentially dramatic tariff reduction in a de-escalatory move that would see both sides slash duties from prohibitive levels set last month to temper the economic pain both are already starting to feel.

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.