Asian stocks bounced back today (September 17th) after China’s central bank announced new measures to boost the country's economy.
China is injecting 500 billion yuan (£50 billion) into the nation’s largest banks, according to a government official familiar with the matter.
The move follows a series of reports pointing to a possible slowdown of the world's second economy.
Recent data revealed that inflation remained weak in August was followed by new data over the weekend showing that industrial output growth was at its lowest level since the 2008 global financial crisis.
The MSCI AC Asia Pacific Index (MXAP) advanced 0.2 per cent today after China’s central bank move.
Tokyo's Nikkei 225 rose 0.1 per cent to 15,929.85 and Hong Kong's Hang Seng surged 1.2 per cent to 24,415.89. China's Shanghai Composite dipped 0.1 per cent to 2,294 while Australia's S&P/ASX 200 lost 0.4 per cent to 5,426.10.
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