China stocks ended higher on Wednesday, buoyed by banking firms, after a surprise cut in reserve requirements.
The blue-chip CSI300 index rose 0.5 percent to 3,766.28, while the Shanghai Composite Index gained 0.8 percent to 3,091.40.
Chinese banking shares closed up 1.1 percent, after the central bank said late on Tuesday it was slashing reserve requirement ratios (RRRs) for most banks by 100 basis points (bps). The move will reduce financing costs for banks and free up more funds for lending to small firms, but falls short of broad monetary easing, with the authority attaching requirements on how funds must be used.
Source : Reuters