Chinese stocks surge after PBOC boosts liquidity

Monday, 17. August 2020 07:32

Asian markets traded mixed later in the session on Monday with stocks in China surging after the People's Bank of China (PBOC) injected liquidity into the financial markets. The central bank added 700 billion yuan ($100.74 billion) into markets through its one-year medium-term lending (MLF) facility.

In Japan, the benchmark Nikkei 225 fell 0.63% at 7:10 am CET after it was reported the country's economy dropped a record 27.8% on an annualized basis in the second quarter. In mainland China, the Shanghai Composite climbed 2.49% while the Shenzhen Composite gained 1.80% at 7:30 am CET. Hong Kong's Hang Seng was 1.38% higher at the time. Australia's S&P/ASX 200 declined 0.75% in Sydney.

The dollar was 0.02% lower against the yen, buying ¥106.572 at 7:30 am CET.

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Breaking the News / JC