The PBOC also unexpectedly lowered its policy rate on Tuesday, earlier than many investors had expected and possibly probably triggered by the string of disappointing data on loans and credit, the housing market and trust industry as well as the threat of deflation.
The U.S. dollar hovered near 2023 highs on Asian currencies on a combination of rising U.S. Treasury yields and nervousness about the extent of crisis in China s property industry, which has been dragging down the yuan in spite of official resistance.
China property troubles plague Asia stocks bdnews24.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bdnews24.com Daily Mail and Mail on Sunday newspapers.
MSCI s broadest index of Asia-Pacific shares outside Japan rallied 0.7% on Friday to put it on track for a 5.4% weekly advance, the biggest for eight months. Hong Kong s Hang Seng gained 0.52% and mainland Chinese blue chips added 0.12%. South Korea s Kospi jumped 1%. Japan s Nikkei, though, was a notable outlier, flipping early gains to be last down 0.43% as it struggles to find its feet following its retreat from a 33-year peak reached at the start of this month.