Fresh easing measures from China over the weekend, alongside a barrage of economic data and policy releases, will likely keep Asian financial markets on a bumpy ride this week.
The People’s Bank of China unleashed a 25-basis-point cut in benchmark lending rates and one-year deposit rates, respectively, on Sunday, after growth for the first three months of 2015 slowed to 7 percent, its slowest pace since 2009. Sunday’s move marked Beijing’s third interest rate reduction since November.
With Chinese stocks in the spotlight following last week’s wild moves, a data deluge from Beijing will be closely eyed. The benchmark Shanghai Composite ended the week 5.3 percent lower – its biggest weekly loss since May 2010 – following a three-day selloff sparked by worries over a clampdown on margin trading and upcoming new-share sales.
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