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Asian stocks opened the decade with gains on Thursday, after closing at record highs in the previous decade. The announcement of the people's Bank of China's reduction in the reserve ratio boosted China's stock market and helped Asian stocks.
Investors were also encouraged by the news that the US and China would soon sign a trade agreement.
The MSCI Mingsheng Asia Pacific Index (excluding Japan) rose 0.35% in early trading after rising 5.6% in December.
U.S. President trump said Tuesday that he will sign the first phase of a trade agreement with China at the White House on January 15, although details of the agreement remain unclear.
Growing hopes for a solution to the Sino US trade war helped push global stocks to record highs at the end of last year and hit the dollar.
The MSCI Mingsheng global market index hit a record high of 567.80 on December 27. The index was last at 565.46, 0.41% lower than the above high.
CSI300 rose 1.34% in early trading. The index was one of the best performing in the world last year.
The people's Bank of China announced that in order to support the development of real economy and reduce the actual cost of social financing, it decided to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points (excluding financial companies, financial leasing companies and auto financing companies) on January 6, 2020. This reduction is a comprehensive one, reflecting counter cyclical adjustment, releasing more than 800 billion yuan of long-term funds, and effectively increasing the stable sources of funds for financial institutions to support the real economy.
"I don't think it's that important for companies from a monetary perspective," said Jim McCafferty, head of equity research at Nomura Asia (excluding Japan).
"But for consumers, it's clear that if there's a loose monetary environment... Where you can borrow cheaply and pay off debt faster, it will certainly help the economy and businesses."
McCafferty said he expects 5g mobile technology to boost memory cycles and the development of new mobile phones, which is expected to increase the share of technology stocks such as South Korea and Taiwan this year.


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