Stocks in China and Hong Kong buck the global trade and rebounds notably today. At the time of writing, China Shanghai SSE is up 1.35%. Hong Kong HSI is up 1.34%.
Sentiments are apparent lifted by news that the Chinese government is going to provide more stimulus to the economy. The State Council noted in a brief statement in its website that Premier Li Keqiang pledged to step up “countercyclical adjustments” of macro policies.
The comments were made when Li at a meeting with officials of the country’s banking and insurance regulator after visiting Bank of China, Industrial and Commercial Bank of China and China Construction Bank. Measures will include tax cuts, targeted lowering of reserve requirements to help small and private companies.