At noon AEDT on Friday, the benchmark S&P/ASX200 index was up 42.7 points, or 0.52 per cent, to 8,243.8, while the broader All Ordinaries had gained 41.1 points, or 0.49 per cent, to 8,506.1.
For the holiday-shortened week, the ASX200 was still on track for a modest 0.25 per cent loss after losing ground on Monday and Tuesday.
The ASX200 opened about 20 points higher and climbed further after the Financial Times reported that China's central bank said it was likely to cut interest rates from their current level of 1.5 per cent "at an appropriate time" in 2025.
The People's Bank of China said it would prioritise "the role of interest rate adjustments" in what the Financial Times described as a transformation of Chinese monetary policy.
Eight of the ASX's 11 sectors were higher at midday, with materials/mining, consumer staples and utilities basically flat.
Energy was the biggest mover for a second day, rising one per cent amid more gains for uranium developers after Canada's Cameco said its Inkai joint venture in Kazakhstan had been forced to suspend production because of paperwork issues.
"We are disappointed and surprised by this unexpected suspension and we will be seeking further clarification on how this transpired," Cameco said in a statement.
Deep Yellow, Boss Energy and Paladin were the three best performers in the ASX200 at midday, with gains of 9.7, 8.1 and 7.5 per cent, respectively.
Goldminers were also doing well as the precious metal changed hands at a two-week high of $US2,657 an ounce.
Northern Star had gained 2.2 per cent, Evolution was up 2.1 per cent and Newmont had advanced 3.1 per cent.
Elesewhere in the sector, BHP and Rio Tinto were both down 0.3 per cent, while Fortescue had dropped 0.7 per cent.
All of the big four banks were higher, with CBA up 0.9 per cent, Westpac adding 0.6 per cent, NAB advancing 0.5 per cent and ANZ growing 0.2 per cent.
The Australian dollar meanwhile was buying 62.12 US cents, from 62.13 US cents at Thursday's ASX close.
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