Asian stocks rose on Wednesday following reports of Chinese stimulus and amid hopes that the U.S. Federal Reserve will maintain its dovish policy stance.
On Tuesday, Chinese website Sina.com said the People’s Bank of China (PBOC) injected $82 billion into the country’s five largest banks. Many investors were anticipating some form of stimulus from the central bank following a spate of recent weak economic data.
Later Wednesday, the Fed ends a two-day policy meeting. Many experts were bracing for more hawkish language, but a shift in expectations occurred overnight after Wall Street Journal journalist Jon Hilsenrath argued that the Fed wouldn’t make any major change in its statement.
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