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Asian stocks inch higher as China money rates dip

Asian stocks inch higher as China money rates dip

Asian shares inched higher on Tuesday in late morning trade as Japanese stocks bounced back and China’s money-market rates dropped after the central bank pumped funds into the financial system.

The MSCI Asia Pacific Index added 0.4% to 140 as of 10:59 a.m. in Tokyo. China’s Shanghai Composite Index rose 0.8% after the nation’s seven-day reverse repurchase rate declined to 5.25% today from 6.5920% yesterday.

The central bank will conduct 180 billion yuan of 21-day and 75 billion yuan of seven-day reverse repurchase agreements on Tuesday, according to a trader at a primary dealer required to bid at the auctions. Hang Seng Index added 0.5%.

Japan’s Topix index gained 0.6% as the BOJ began its meeting to review monetary policy. South Korea’s Kospi index added 0.4% and Taiwan’s Taiex index rose 0.1%. Australia’s S&P/ASX 200 Index climbed 0.5%. New Zealand’s NZX 50 Index climbed 0.2%. Singapore’s Straits Times Index increased 0.3%.

In corporate news, Industrial & Commercial Bank of China Ltd. surged 2.1% in Hong Kong.

LG Display Co., a supplier of panels for Apple Inc. devices, rose 1.9% in Seoul after Bank of America Corp.’s Merrill Lynch raised its rating on the stock.

Fortescue Metals Group Ltd., Australia’s third-largest iron-ore miner, dropped 3.2% in Sydney after a benchmark for the metal’s price fell in China, the biggest consumer of the commodity.

Wall Street was closed on Monday for the Martin Luther King Jr. Day holiday.

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