China’s decision to stimulate its economy by freeing up cash held by banks has failed to spark a rally among Asian markets.
The Shanghai Composite fell as much as 1.1 per cent in early trading, although it later recovered and edged up 0.2 per cent. Shenzhen was down 0.2 per cent.
On Sunday the People’s Bank of China moved to free up cash to lend to businesses by cutting its reserve requirement ratio — the level of cash commercial banks must park with the central bank — by 1 percentage point in a bid to simulate economic growth.
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