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People walk along a promenade next to Victoria harbour in Hong Kong on August 31, 2023, a day before the arrival of Typhoon Saola. (Photo by ISAAC LAWRENCE / AFP) (Photo by ISAAC LAWRENCE/AFP via Getty Images)
Isaac Lawrence | Afp | Getty Images
Asia-Pacific markets rise as China’s factory activity for August expanded and the central bank announced a cut in reserve requirements to boost the economy.
Mainland China’s Shanghai Composite traded higher by 0.64% and the Shenzhen Component was up 0.82% after China’s factory activity expanded in August, surprising on the upside, according to a private-sector survey.
The Caixin/S&P global manufacturing purchasing managers’ index rose to 51.0 in August, better than the 49.3 that analysts polled by Reuters expected.
Also on Friday, the People Bank of China said it would reduce the foreign exchange reserve requirement ratio for financial institutions by 200 basis points — starting from Sept. 15.
In Australia, the S&P/ASX 200 lost nearly 0.39%. South Korea’s Kospi traded slightly below the flatline while the Kosdaq declined by 0.56%. In Japan, the Nikkei 225 was up 0.66%.
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