The People's Bank of China (PBoC) lowered the reserve requirement ratio (RRR) for all banks by 100 basis points on Sunday, marking the deepest single reduction since 2008 and the second industry-wide cut in two months. However, Asian markets failed to get a boost from the supportive measure on Monday as concerns of further crackdowns on speculative trading by Chinese authorities weighed on sentiment.
Overnight, US stocks finished sharply higher on the back of unexpected stimulus from the world's second-biggest economy and as investors eyed corporate earnings. The tech-heavy Nasdaq led all major indexes, closing up 1.3 percent, posting its best day since February 10. The Dow Jones Industrial Average and S&P 500 settled 1.2 and 0.9 percent higher each.
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