Asia Stocks Rebound as Chinese Equities Surge, Yuan Erases Loss
- Shanghai Composite climbs, led by financial companies
- Yuan wiped out steep retreat as bank seen offering to sell USD
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Asian equities erased earlier losses as Chinese stocks surged after a report said regulators will loosen rules on the asset management industry. The yuan wiped out an earlier decline amid suspected intervention from officials.
The MSCI Asia Pacific Index rose 0.5 percent to 165.41 as of 3:15 p.m. in Hong Kong. The Shanghai Composite Index rallied 2 percent as a gauge of financial companies gained on a report in 21st Century Business Herald that said mutual funds will be allowed to buy non-standard products, said Zhang Gang, a strategist at Central China Securities.