SYDNEY (Reuters) – Asian shares briefly brushed seven-month peaks on Monday as investors cheered a rebound in U.S. payrolls and hints of more stimulus in China, but caution soon surfaced ahead of what is likely to be a tough U.S. earnings season.

FILE PHOTO: Employees of the Tokyo Stock Exchange (TSE) work at the bourse in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/File Photo

In a document published on the central government’s website late on Sunday, Beijing said it would step up a policy of targeted cuts to banks’ required reserve ratios to encourage financing for small and medium-sized businesses.

Chinese blue chips initially climbed to territory not visited since March last year, only to fade 1 percent as the session wore on. MSCI’s broadest index