Chinese shares jump 2.2% as Asian stocks gain
Chinese shares led Asian shares higher, with the Shanghai Composite rising 2.2% as stocks built on yesterday's gains following the injection of liquidity into money markets by the People's Bank of China in order to avert a cash crunch. The PBOC is expected to add more funds in operations tomorrow.
"The cyclicals and the blue chips are leading the rebound today, which usually points at policy relief," says analyst Cao Xuefeng. "It's more a relief rally at this point."
In Japan, the Nikkei rose 0.2% after the BOJ again maintained its ultra-loose monetary policy as is.
Elsehwere, Hang Seng +0.05%, India +0.4%.
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