Asia stocks rebound on China’s manufacturing data, offsetting rate fears

China’s PMI is at a 10-year high, boosting MSCI’s Asia-Pacific shares, while the dollar retreats on risk-on sentimentSingapore — Asian stocks rebounded from a two-month low on Wednesday as data showing China’s manufacturing activity in February expanded at the fastest pace in more than a decade cheered investors, offsetting fears over rising interest rates.

Chinese stocks also received a boost, with China’s blue-chip CSI 300 index jumping more than 1%, while the Shanghai Composite index was last about 0.6% higher. The Aussie, often used as a liquid proxy for the yuan, edged 0.1% higher to $0.6735, bouncing from a two-month low of $0.6695 earlier in the session.

“The upcoming data cycle and anticipated forecast revisions by central banks, which will be presented over the next two-three weeks, will be crucial in forming the next leg of financial market trading,” ANZ Bank analysts said in a note.

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