A pedestrian walks past an electronic screen displaying the Hang Seng Index, left, and the Hang Seng China Industry Top Index in Hong Kong. Picture: BLOOMBERG/CHAN LONG HEIAsian stocks edged higher on Tuesday on receding worries about the impact of the Omicron variant while Chinese markets gained after the central bank there eased monetary policy.
The People’s Bank of China said on Monday it would cut the amount of cash that banks must hold in reserve, its second such move this year, releasing the funds in long-term liquidity to bolster slowing economic growth. Shares in embattled developer Evergrande rose 7% after hitting a record low on Monday as markets awaited if the real estate giant has paid $82.5m coupons with a 30-day grace period coming to an end.
Omicron has spread to about a third of US states, but the Delta version accounts for the majority of Covid-19 infections in the US, health officials said on Sunday. Dr Anthony Fauci, the top US infectious disease official, told CNN it does not look as if Omicron has a “great degree of severity”.
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WEBINAR | Mapping Africa-China relations in a post-Covid worldSPONSORED | Join our next Business Day Dialogue with the Chinese embassy in SA on December 8 at 10am for a discussion on Africa-China relations post-Covid, moderated by TimesLIVE political analyst Eusebius McKaiser. Register at the link below.
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China to cut reserve requirement ratio, releasing $188bn of liquidityThe move comes as markets eye possible property sector policy changes by Politburo Let's watch and learn
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