China stocks open firmer, rates cut as expected; HK stocks down

SHANGHAI: China stocks opened higher on Monday, after Beijing cut the benchmark lending rates as expected, while Hong Kong stocks edged down.

The blue-chip CSI300 Index edged up 0.6% at the market open, while the Shanghai Composite Index gained 0.4%.

Hong Kong benchmark Hang Seng was down nearly 0.4%.

China cut its one- and five-year loan prime rates (LPRs) by 25 basis points each, as anticipated at the monthly fixing on Monday.

China, HK stocks close higher after PBOC begins swap programme

China stocks were down roughly 11% from their Oct. 8 peak after a turbulent few weeks, as investor caution erased some of the late September’s massive gains made after Beijing’s stimulus measures.