Stocks climbed higher in Asian session today as China stepped up easing measures. The People’s Republic of China announced, in order to boost credit, a reduction of reserve requirement ratio in 379 more branches in rural areas of the Agricultural Bank of China. The scheme was initially applied to 563 branches in 8 provinces. The reduction of the ratio by 2% is expected to free up RMB 23B. In the US session, the markets were a tad lower due to weaker than expected existing home sales data.
Read more:
China Steps Up Easing by Cutting RRR for More Banks
Leave a Reply
You must be logged in to post a comment.