Week in Review
- Asian equities started 2023 with China outperforming as the country gears up to allow foreign visitors to enter the country quarantine-free starting Sunday.
- On Wednesday, Alibaba’s Ant Group was approved by the China Banking and Insurance Regulatory Commission (CBIRC) to raise the consumer finance group’s capital reserves to RMB 18.5B ($2.7B).
- The CBIRC and People’s Bank of China (PBOC) adjusted loan qualification requirements to make it easier to purchase a home on Thursday.
- US Secretary of State Antony Blinken met with China’s new Foreign Minister Qin Gang on New Year’s Day.
Friday’s Key News
Asian equities ended the week mixed as South Korea posted a strong day and North Asia outperformed South Asia. For the week, the outperformance of Hong Kong and Mainland China stands out, while Japan, India, and Indonesia posted declines.
China’s reopening continues as Hong Kong announced it will allow 60,000 visitors a day from the mainland as covid runs through China. Hong Kong opened higher but slid over the trading day to close lower for the day as Hong Kong’s most heavily traded stocks by value were Tencent, which gained +0.46%, Alibaba, which gained +2.01%, and Meituan, which fell -4.25%.
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