China stocks reversed losses on Monday, rebounding off five-year lows, while most Asia markets kickstarted the holiday-shortened week largely lower on fears of higher-for-longer interest rates.
The U.S. Federal Reserve Chair Jerome Powell said the central bank would likely move at a considerably slower pace on rate cuts compared with market expectations.
Separately, the People’s Bank of China’s decision, announced two weeks ago, to cut the reserve ratio requirements for banks by 50 basis points came into effect on Monday.
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