Asian Markets Rise; China Keeps Loan Prime Rate Unchanged for January

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By Alex Ho – Asian markets were mostly higher in morning trade on Monday. China’ stocks traded higher as the People’s Bank of China (PBOC) kept the loan prime rate unchanged.

China’s gained 0.4% by 11:48 PM ET (03:48 GMT), while the rose 1.0%.

The PBOC kept the one year unchanged at 4.5% and the five year loan prime rates at 4.8% for January. It was the second month in a row that the central bank left borrowing cost unchanged.

Hong Kong’s Index underperformed its regional peers and lost 0.4% in morning trade.

Japan’s climbed 0.2%. The Bank of Japan will meet for its first policy meetings this week but is not expected to make any major changes.

South Korea’s gained 0.8%.

Down under, Australia’s advanced 0.4%.

Elsewhere, the IMF is to release its adjusted global economic forecast on Monday in Davos. On Friday IMF Managing Director Kristalina Georgieva said the interim trade deal between Washington and Beijing will reduce – but not eliminate – uncertainty that has acted as a drag on global growth.

The organization had previously estimated that global trade tensions would shave 0.8% off international economic growth.

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