Asian stocks close higher after China’s interest rate cuts to support economy

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Asian stocks closed higher on Friday (20), after China cut interest rates in a new attempt to revive its economy. In Chinese markets, the Shanghai Composite index rose 1.60% to 3,146.57 points, while the Shenzhen Composite index had a similar gain of 1.59% to 1,983.67 points.

THE People’s Bank of China (PBoC) lowered its benchmark interest rate — the so-called LPR — for long-term loans by 15 basis points to 4.45%, as the world’s second-largest economy feels the impacts of its most severe Covid wave. -19.

Senior China economist at Capital Economics, Julian Evans-Pritchard, says the PBoC cut is the biggest on record and is aimed at supporting housing demand amid the Chinese housing crisis. Short-term LPR was unchanged at 3.70%.

Elsewhere in Asia, the Japanese Nikkei gained 1.27% in Tokyo, at 26,739.03 points, while the Hang Seng gained 2.96% in Hong Kong, at 20,717.24 points.

South Korean Kospi gained 1.81% in Seoul, at 2,639.29 points, and Taiex rose 0.78% in Taiwan, at 16,144.85 points.

In Oceania, the Australian stock exchange was also in the blue, with the S&P/ASX 200 up 1.15% in Sydney, at 7,145.60 points.

With information from Dow Jones Newswires

Source: CNN Brasil

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