Asia markets higher as China cuts reserve requirements

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Asia Pacific

Asia markets higher as China cuts reserve requirements

Asia-Pacific markets are mostly rising, as China's factory activity for August expanded. The central bank though announced a cut in reserve requirements to boost the economy and support the yuan. The People's Bank of China also announced on Friday that starting from September 15th, it will reduce the foreign exchange reserve requirement ratio for financial institutions to 4%, from 6%. The cut follows a number of reductions to interest rates in the last several weeks in an effort to shore up the economy.