PERTH: The Australian market rose in tandem with its Chinese peers today after fresh stimulus from the People’s Bank of China.
Overnight, the People’s Bank of China cut interest rates by 25 basis points, bringing down the one-year lending rate to 4.6 per cent and the deposit rate to 1.75 per cent. It also cut the reserve requirement ratio, which sets how much capital banks must hold.
At the official 4.15pm (AEST) official market close, the benchmark S&P/ASX200 had gained 35.5 points, or 0.69 per cent, to 5172.8, while the broader All Ordinaries had lifted 35.1 points, or 0.68 per cent, to 5178.9.
Just prior to the Australian close, the key Shanghai Composite Index was trading about 1.7 per cent above its open, after having earlier been nearly as low as 4 per cent. It had initially opened higher on the PBoC announcement.
