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Monday's stronger-than-expected rise in China's stock market and the yuan's mid-price boosted Asian stocks, but gold remained firm, highlighting investors'concerns about the risk of a prolonged trade war between China and the United States.
The MSCI Mingsheng Asia-Pacific (excluding Japan) index reversed its earlier decline, rising slightly by 0.02%.
The index was supported by Chinese A shares, which rebounded from last week's decline. The Shanghai and Shenzhen 300 index of A shares rose 0.96%, and securities firms were in hot pursuit after the China Securities Regulatory Commission announced on Friday that it would relax the rules on margin trading.
The People's Bank of China set the intermediate price of RMB against the US dollar at 7.0211 yuan, weaker than Friday's intermediate price, but stronger than market expectations, further boosting sentiment.
Ryan Felsman, senior economic analyst at CommSec in Sydney, said Monday's mid-price pricing had a "positive reaction" including the rise in the Australian dollar, because it convinced investors that China would not let the yuan depreciate all the time.


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