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China Stimulus Trade Gains Momentum as Stocks, Yuan Advance
Weak economic data out of China, on top of a rate cut, is raising the expectation for more stimulus out of Beijing. Local stocks rallied and the yuan outperformed many regional peers after the People’s Bank of China cut the interest rate on one-year loans. The CSI 300 Index rose as much as 1.6% on Thursday, the most in a month, while the yuan was the best-performing emerging-market currency in Asia. “The focus will be if the Chinese authorities deliver, and whether what is delivered surpass expectations or not,” said Redmond Wong of Saxo Capital Markets HK Ltd. “Investors have become impatient with ... (full story)