Brand New State Ok promo

Hong Kong Jump as China Plans Liquidity Moves

China and Hong Kong stocks led gains in Asia-Pacific markets Thursday after the People’s Bank of China said it would cut reserve requirements for the country’s lenders. Property stocks also jumped on the central bank’s measures that would help boost the liquidity available to developers.

In Japan, the Nikkei 225 eked higher 9.99 points to 36,236.47.

In Hong Kong, the Hang Seng index leaped 312.09 points, or 3.6%, to 16,322.96,


In Shanghai, the CSI 300 moved higher 65.81 points, or 2%, to 3,342.92.

The central bank announced it would reduce the amount of funds its banks are required to hold as reserves early next month in a bid to boost its struggling economy.

Reserve ratio requirements for banks will be cut by 50 basis points from Feb. 5, which will provide 1 trillion yuan ($139.8 billion) in long-term capital, according to PBOC governor Pan Gongsheng.

The People’s Bank of China and the Ministry of Finance said in a joint statement late Wednesday that these new measures will be valid until the end of 2024. The move is expected to ease a lingering cash crunch for the property developers.

Shares of EV makers fell, with Nio down 4.7%, Li Auto down 1.6% and BYD sliding 1%. LG Display led declines in Tesla suppliers, down 3%.

Tesla warned that vehicle volume growth in 2024 “may be notably lower” than last year.

In other markets

In Singapore, the Straits Times Index ditched 5.69 points or 0.1%, to 3,147.64.

In Taiwan, the Taiex surged 126.79 points, or 0.7%, to 18,002.62.

In Korea, the Kospi index notched higher 0.65 points to 2,470.37.

In New Zealand, the NZX 50 tacked on 33.02 points, or 0.3%, to 11,889.63.

In Australia, the ASX 200 gained 36.19 points, or 0.5%, to 7,555.36.

Source link

About The Author

Scroll to Top