Asian shares jumped and the yuan rose on Tuesday as investors cheered China’s pledge to step up support for its sputtering economy, with the heaviest buying in Hong Kong’s beaten-down property sector while the dollar dipped against key rivals.
MSCI’s broadest index of Asia-Pacific shares outside Japan snapped a six-day losing streak with a 1.5% gain. Japan’s Nikkei (.N225) fell 0.4%.
In China, the Shanghai Composite Index (.SSEC) rose 1.9% and the Hang Seng (.HSI) leapt 3% with property stocks that had been diving on debt repayment worries bouncing back.
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