September 9, 2019 / 1:38 AM / 8 days ago

China, Hong Kong stocks open up after Beijing's RRR cut

SHANGHAI, Sept 9 (Reuters) - China and Hong Kong stocks opened higher on Monday, after Beijing cut a key ratio to boost the economy amid a protracted trade dispute with the United States.

The CSI300 index was up 0.9% at 3,983.66 points, as of 0130 GMT, while the Shanghai Composite Index gained 0.9% to 3,025.82 points.

The Hang Seng index in Hong Kong was up 0.2% at 26,730.61 points.

China’s central bank said on Friday it was cutting the amount of cash that banks must hold as reserves for the third time this year, releasing 900 billion yuan ($126.53 billion) in liquidity to shore up the flagging economy.

Analysts had expected China to announce more policy easing measures soon as the world’s second-largest economy comes under growing pressure from escalating U.S. tariffs and sluggish domestic demand.

China’s exports unexpectedly fell in August as shipments to the United States slowed sharply, pointing to further weakness in the world’s second-largest economy and underlining a pressing need for more stimulus as the Sino-U.S. trade war escalates.

White House economic adviser Larry Kudlow said on Friday the United States wants “near-term” results from the U.S.-China trade talks in September and October but cautioned that the trade conflict could take years to resolve.

$1 = 7.1131 Chinese yuan Reporting by Luoyan Liu and John Ruwitch, Editing by Sherry Jacob-Phillips

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below