The Asian markets closed in green on Tuesday, with Shanghai Composite touching a new 3-year high. The Hong Kong market was closed today on account of ‘The day following Easter Monday’ holiday. The People’s Bank of China cut the seven-day reverse-repo rate by 10 basis points at open-market operations in a bid to guide market rates lower. The central bank injected CNY20 billion via seven-day reverse repos and lowered the rate to 3.45% from 3.55%. This move by central bank is the fourth cut since Chinese New Year. But, traders still expect another cut of the required-reserve ratio to offset the liquidity squeeze this month that is a result of corporate-tax payments and initial public offerings. Disappointingly weak consumer spending will keep Bank of Japan policymakers on their toes as they meet on Wednesday, two years into a massive stimulus programme which has yet to convincingly pull the economy out of decades of stagnation. The central bank will likely continue the asset-buying spree it launched in 2013 at a two-day rate review, while laying the groundwork for a more critical meeting on April 30 that will produce new long-term forecasts.
Asian Indices Last Trade Change in Points Change in % Shanghai Composite 3,961.38 97.45 2.52 Hang Seng - - - Jakarta Composite 5,523.29 43.26 0.79 KLSE Composite 1,856.51 13.57 0.74 Nikkei 225 19,640.54 242.56 1.25 Straits Times 3,465.62 12.71 0.37 KOSPI Composite 2,047.03 0.60 0.03 Taiwan Weighted 9,641.90 41.58 0.43