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China cuts amount banks hold in reserve to boost lending
China cuts amount banks hold in reserve to boost lending
Business and Economy
by  AFP

China on Friday cut the amount banks must hold in reserve, releasing an estimated $142.6 billion in liquidity into the financial market as leaders embark on one of their biggest drives in years to kickstart growth. Also Friday, the bank cut the seven-day reverse repo rate -- the short-term interest paid by the central bank on loans from commercial lenders -- from 1.7 percent to 1.5 percent.

Hong Kong, Shanghai extend surge as China optimism boosts markets
Hong Kong, Shanghai extend surge as China optimism boosts markets
Business and Economy
by  AFP

Hong Kong and Shanghai ploughed on with their China-fuelled rally Friday on hopes that Beijing will press on with new plans to boost the world's number two economy. Hong Kong soared more than three percent in opening trades before paring the gains, while Shanghai was also sharply higher -- both markets are now up around 10 percent from Friday's close.