Asia markets higher as China cuts reserve requirement; Hong Kong halts trading as typhoon approaches
People walk along a promenade next to Victoria harbour in Hong Kong on August 31, 2023, a day before the arrival of Typhoon Saola. (Photo by ISAAC LAWRENCE / AFP) (Photo by ISAAC LAWRENCE/AFP via Getty Images)
Isaac Lawrence | Afp | Getty Images
Asia-Pacific markets rise as China’s factory activity for August expanded and the central bank announced a cut in reserve requirements to boost the economy.
Mainland China’s Shanghai Composite traded higher by 0.64% and the Shenzhen Component was up 0.82% after China’s factory activity expanded in August, surprising on the upside, according to a private-sector survey.
Also on Friday, the People Bank of China said it would reduce the foreign exchange reserve requirement ratio for financial institutions by 200 basis points — starting from Sept. 15.
The Caixin/S&P global manufacturing purchasing managers’ index rose to 51.0 in August, better than the 49.3 that analysts polled by Reuters expected.
In Australia, the S&P/ASX 200 lost nearly 0.39%. South Korea’s Kospi traded slightly below the flatline while the Kosdaq declined by 0.56%. In Japan, the Nikkei 225 was up 0.66%.
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