Asian Equities Mostly Gain as China Rally Recommences – Asia Market Wrap
Asian markets mainly rose as mainland Chinese stocks rejoined a larger rally on news of a new market rescue programme, while the yuan also extended gains.
A gauge of Chinese firms listed in Hong Kong jumped 3.2%, with the CSI 300 onshore benchmark erasing earlier losses to add 0.4%. Authorities are seeking to mobilise about 2 trillion yuan ($278 billion), primarily from Chinese state-owned enterprises’ offshore accounts, as part of a stabilisation fund to buy shares onshore, according to people familiar with the matter.
The offshore yuan climbed 0.4% against the dollar, while the Australian dollar increased 0.5%.
The yen advanced after Bank of Japan Governor Ueda stated that the central bank is more confident in meeting its price target, but it was difficult to determine how close it was to exiting the current ultra-loose policy stance. Ueda’s comments came after the BoJ maintained policy settings and adjusted its economic projections earlier Tuesday.
