New Zealand's Reserve Bank doubled the benchmark rate to 0.5% last month in its first hike in more than seven years. That includes New Zealand, where the unemployment rate has fallen to 3.4%, its lowest level in 14 years, despite a lockdown in the largest city of Auckland, Statistics New Zealand reported Wednesday. But some central banks have begun easing up on the accelerator in response to surging prices. Most Asian countries have also kept their monetary policy loose to deal with the fallout from pandemic-related shutdowns and travel restrictions. In remarks carried by the official Xinhua News Agency, Li said the government needs to provide more support for smaller companies, reduce taxes and fees, “do a good job in ensuring the supply and price stability of electricity and coal and take strong measures to support manufacturing.”
Hong Kong's Hang Seng index dropped 0.9% to 24,885.46 while the Shanghai Composite index lost 0.2% to 3,499.19.Ĭomments by Chinese Premier Li Keqiang about downward pressure on the economy also rattled investors.
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