The
Australian dollar climbed with futures on copper and U.S. stocks after
China stepped up stimulus, cutting the reserve-requirement ratio for
banks amid a slowing economy. Chinese index futures slumped at the end
of last week after the country tightened rules around margin trading.
The
Aussie added 0.4 percent to 78.10 U.S. cents by 9:53 a.m. in Sydney,
with China the nation’s biggest trading partner. Copper futures jumped
1.7 percent, while Standard & Poor’s 500 Index futures gained 0.3
percent. FTSE China A50 Index futures were down 6 percent in Singapore
by the end of Friday trading, and contracts on Hong Kong-listed shares
also slipped. U.S. oil advanced for the seventh time in eight days
Monday.
China’s
leaders announced on Sunday the biggest cut to the amount lenders must
set aside as reserves since the global financial crisis, after data last
week showed growth in Asia’s largest economy had slowed to the least in
six years. The move came after regulators moved to stem a surge in
Chinese equities, banning a source of financing for margin trades and
making it easier for short sellers to bet on declines. U.S. inflation
data also fueled global stock losses on Friday.
Source: Bloomberg
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