Asian indexes closed down and gains in Europe were limited after the announcement that the People's Bank of China raised its required reserve ratio — the amount of capital banks need to keep with the central bank — by half a percentage point.
Markets had been bracing for an interest rate hike, which could have a more direct impact on the economy, but analysts say that may yet be delivered soon.
Asian indexes closed mostly lower, while European markets — where commodities stocks opened higher after strong Chinese import figures — were dampened. Britain's FTSE 100 was flat at 5,809.03 and Germany's DAX was up 0.7 percent at 7,009.46. France's CAC-40 was 0.3 percent higher at 3,867.75.
Wall Street was expected to edge up on the open — Dow futures were 0.2 percent higher at 11,314 and Standard & Poor's 500 futures were up 0.3 percent at 1,231.70.
The Chinese move on Friday was the third reserve increase in five weeks and came as Beijing tries to restore normal conditions following a flood of stimulus spending and bank lending that helped China rebound from the global crisis.
Analysts said the move nevertheless fell short of market expectations, which were for an increase in the key interest rate.
"A rate hike still cannot be ruled out this weekend," said analysts at Capital Economics.
Economic growth in China is expected to remain robust, around 9 percent over the next couple years, even with rate hikes.
The Shanghai Composite index, which closed before the announced tightening in lending, ended 1.1 percent higher at 2,841.04 in anticipation of a national economic planning meeting during the weekend.
