(Bloomberg) — Asian stocks advanced after China’s central bank announced stimulus measures in a bid to reach this year’s economic growth target and stem a selloff in the equity market.
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Shares in Hong Kong gained the most, with key benchmarks rallying at least 3%, while onshore Chinese indexes rose more than 2% as authorities said they are studying setting up a stock stabilization fund. The MSCI Asia Pacific Index climbed 0.8%. Most Asian currencies strengthened against the dollar.
China is planning at least 800 billion yuan ($114 billion) of liquidity support for stocks and will allow brokerages and funds to tap the central bank’s funding to buy equities after the benchmark CSI 300 Index fell to more than a five-year low earlier this month. That came as part of a broad package of policy measures to revive the economy, including a cut to a key short-term…
