HONG KONG, Sep 6(ABC): Asian shares rose on Tuesday morning after China pledged to make renewed efforts to boost its economy on Monday, while investors pinned hope on more clarity ahead of a number of central bank meetings.
MSCI’s gauge of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.47%, with China’s benchmark CSI300 Index (.CSI300) and Hang Seng Index (.HSI) opening up 0.2% each.
Chinese policymakers signalled a renewed sense of urgency on Monday for steps to shore up a flagging economy, saying this quarter was a critical time for policy action as evidence pointed to a further loss of economic momentum. read more
China also cut a foreign exchange reserves ratio to support the yuan – another signal authorities are uncomfortable with the currency’s slide. read more
“Bulk commodities will be dependent on the impact of Chinese stimulus and the success of this will be reflected in the major miners,” said John Milroy, an investment adviser at Ord Minnett.