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Asian stocks close mixed after new stimulus in China and interest in Australia

Stocks in Asia and the Pacific closed without a single direction on Tuesday (6), after China promised new economic stimulus and the Australian central bank raised interest rates once again to fight inflation.

In mainland China, the Shanghai Composite rose 1.36% to 3,243.45 points, and the less comprehensive Shenzhen Composite rose 1.21% to 2,113.27 points.

On Monday, the Chinese planning agency pledged to revive the economy in the third quarter through stimulus measures and said the second half of the year would be critical to offset losses caused by Covid-19 outbreaks.

The People’s Bank of China (PBoC, the Chinese central bank) reduced the reserve requirement for foreign currency deposits by two percentage points to 6%. Analysts said the measure, which takes effect on the 15th, shows Beijing’s growing unease over the yuan’s recent weakness.

Elsewhere in Asia, the changes were modest: Japan’s Nikkei edged up 0.02% in Tokyo at 27,626.51 points, while the Hang Seng dropped 0.12% in Hong Kong at 19,202.73 points. South Korean Kospi advanced 0.26% in Seoul, at 2,410.02 points, and Taiex rose 0.11% in Taiwan, at 14,677.20 points.

In Oceania, the Australian stock exchange was in the red after the RBA, as the local central bank is known, raised its basic interest rate by 50 basis points for the fourth time in a row, to 2.35%, and warned of further increases to contain inflationary pressures. .

The S&P/ASX 200 slipped 0.38% in Sydney to 6,826.50 points.

Source: CNN Brasil

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