HONG KONG, July 15 — Asian markets were mostly higher today after China released a raft of key data indicating solid but slowing growth while the Federal Reserve chief said the US central bank would maintain its stimulus until the recovery was well under way.
“Efforts are still needed to consolidate the foundation for stable recovery and development,” it added. The latest figures suggest China should be on track to meet its growth target of more than six per cent this year. The Fed “will ensure that monetary policy will continue to deliver powerful support to the economy until the recovery is complete,” Powell said Wednesday in his semi-annual testimony to Congress.Asian markets largely welcomed Powell’s remarks and the Chinese figures, with Hong Kong up 0.6 per cent and Shanghai closing just over one per cent higher. Seoul, Taipei, Bangkok, Kuala Lumpur and Jakarta were also in positive territory.
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