China's Reserve Requirement Cut Boosts Asia Markets, Hong Kong Trading Halted Amid Approaching Typhoon
Asia-Pacific markets traded higher as China's factory activity expanded in August, with the CSI 300, Shanghai Composite, and Shenzhen Component all posting gains. The People's Bank of China also announced a cut in reserve requirements to boost the economy. However, Hong Kong halted trading and closed schools and businesses as Super Typhoon Saola approached. In other news, Samsung Electronics saw its shares jump over 6% after announcing the development of a new memory chip, while major Chinese banks slashed interest rates on yuan deposits. South Korea's factory activity contracted at a faster pace in August, while Japan's factory activity remained in contraction territory for the third straight month.