Hong Kong Stocks Rise On Pboc Easing, US-China Tariff Talks
Hong Kong stocks jumped 269 points, or 1.2%, to 22,932 on Wednesday morning, marking their fifth session of gains and holding at their highest level in a month. Sentiment was boosted by the PBoC’s announcement of a 50bps RRR cut, which will inject about CNY1 trillion into the banking system as Beijing moves to boost economic growth amid trade tensions with the US. The central bank also said it would cut its 7-day reverse repo rate by 10bps to 1.40%, effective Thursday. Adding to the optimism was news that US Treasury Secretary Bessent and Trade Representative Greer will meet with top Chinese officials in Switzerland this week, signaling a potential thaw in tariff talks. However, gains were capped by caution ahead of the Fed’s interest rate decision later in the week. Meanwhile, China’s April trade data is due later in the week. All sectors advanced, led by financials and property. Top movers included Shenzhou Intl. (4.0%), BYD Electronic (3.8%), China Resources Land (3.4%), and Meituan (2.7%).(Newsmaker23)
Source: Trading Economics
