Asian stocks up on Chinese stimulus measures

<p>Chinese regulators want to free up more money for lending. </p>

Asian shares were up today (December 29th), after it was revealed the government is to take new measures to boost growth. Xinhua News Agency reported yesterday that regulators will change accounting rules for bank deposits to free up more money for lending in 2015.

Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. soared 3.1 per cent in Hong Kong after the announcement.

The relaxation of China’s deposit criteria could make an additional five trillion yuan (£500 billion) to 5.5 trillion yuan available to lend, according to analysts at Credit Agricole CIB and Guotai Junan Securities Co quoted by Bloomberg.

Hong Kong's Hang Seng gained 1.9 per cent to 23,786.30 and the Shanghai Composite Index added 0.9 per cent to 3,185.95. South Korea's Kospi was down 0.6 per cent at 1,936.19.

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