Chinese and Hong Kong stocks lead an Asian rally following sharp Fed-inspired losses in the region yesterday.
The Shanghai Composite Index jumps 2.7% amid speculation that the Chinese government will ease the ability of banks and property developers to raise money as part of an attempt to boost the stuttering economy, further evidence for which was provided in China's "Beige Book." One financing idea being bandied about is letting lenders sell preferred shares.
The yuan is steady following further sharp losses for the renminbi this week, with the USD-CNY -0.1% at 6.229 yuan.
Japan closed. Hong Kong +1.3%, India +0.1%.
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