In China, Premier Li Qiang said economic growth in the second quarter would be higher than the first and that Beijing would roll out more effective policies to expand domestic demand and open markets.“Good news is the rebound on the renminbi. It’s stabilizing, and also the sentiment in the A-share market is improving,” said Steven Leung, executive director of institutional sales at broker UOB Kay Hian in Hong Kong.
State banks were also seen selling dollars on Monday, traders said, just ahead of the onshore domestic close to shore up the yuan’s closing price. In Hong Kong, NWS Holdings saw its shares rise 10 percent on Tuesday to hit a two-year high after it said a unit of conglomerate Chow Tai Fook had offered to buy about 97 percent of the construction firm’s stock for $4.53 billion.
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Asian stocks teeter as Russia, rates and China risks weighAsian stocks wobbled on Tuesday as investors held tight ranges awaiting clues on the interest rate outlook and wary of risks about China’s shaky economic recovery and developments in Russia after an aborted mutiny. | Reuters
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