Asian stocks lower after Peoples Bank of China rumbles

|By:, SA News Editor

Asian stocks moved lower after a strong opening after the Peoples Bank of China withdrew 172B yuan ($28B) through repurchase agreements.

Shares of banks and brokerage firms in China stumbled off the news.

The Shanghai Composite Index closed down 1.4%, while the Hang Seng fell 1.6%. The Nikkei showed a 0.6% gain as a strong report on retail sales in the U.S. earlier in the day spilled over.