Asian stocks erased losses after China injected cash into the money-market for the first time in two weeks. Australia’s dollar fell to a two-week low after the central bank said it may weaken, while copper led metals lower.
The MSCI Asia Pacific Index was little changed at 142.64 at 11:33 a.m. in Tokyo after decreasing as much as 0.4 percent. Standard & Poor’s 500 Index futures dipped 0.04 percent as Apple (AAPL) Inc.’s stock fell in after-hours trading. The so-called Aussie weakened 0.3 percent to 95.39 U.S. cents and lost against all 16 major peers. Copper and lead fell at least 0.3 percent, snapping three days of gains.
China’s benchmark money-market rate eased after the People’s Bank of China added 13 billion yuan ($2.13 billion) into the system via so-called reverse-repurchase operations. Reserve Bank of Australia Governor Glenn Stevens said the nation’s terms of trade are likely to worsen and its currency may be “materially lower” than current levels. India and U.S. central banks hold their policy meetings today.
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