Cash News
Chinese stocks had a mixed reaction Monday to a press conference over the weekend where officials promised further action but didn’t deliver a clear number on how much the country would spend in doing so.
The Shanghai Composite closed 2.1% higher, while the Hang Seng closed 0.8% lower. Both indexes have surged since China last month announced rate cuts and a flurry of other measures to boost the economy.
Chinese Finance Minister Lan Fo’an did say the country would increase the debt limit with the idea of helping out local governments. He also said the country would issue special bonds to support bank capitalization, as well as use a combination of bonds and tax policies to stabilize the bond market.