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Local Bourses Gain Traction As Market Digests Latest Stimulus Efforts

CHINA STOCKS

After an indifferent start, China equities are tracking higher at the time of writing. The CSI 300 printed +1% in recent trade, after opening modestly lower. The Shanghai Composite is up over 1.7%.

  • Hong Kong markets are also higher, the HSI tracking up around 0.7% at this stage. The mainland properties index is up a further 1.45%, tracking higher for the third straight session.
  • This comes after yesterday's late announcement of further support for China property developers by broadening their access to loans (see this BBG link for more details).
  • This came after the 0.5% RRR cut, which was announced earlier at the PBoC press conference by Governor Pan.
  • Broader equity sentiment is mixed through the rest of the region. US equity futures are down modestly.
  • USD/CNH is steady at this stage, holding above 7.1600.

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