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Asian stock markets followed U.S. stocks higher on Monday, with additional boost from the central bank's change in the way it sets an indicator interest rate, which analysts believe is tantamount to lowering corporate borrowing costs.
The People's Bank of China said on Saturday that it will implement a new method of quoting interest rates in the loan market on Tuesday, adding two quoting banks, namely, urban commercial banks, rural commercial banks, foreign banks and private banks. Analysts said that after the loan market interest rate quotation mechanism is clear, the central bank may drive the overall market interest rate down by lowering MLF interest rate.
The move pushed China's stock market to lead Asian shares on Monday, with investors generally optimistic. Market expectations are that major economies will seek new stimulus measures to boost economic growth, helping to partially alleviate market fears of recession last week.
"Loan interest rates have fallen in favor of China's credit demand and growth prospects in the second half of the year, offsetting the impact of persistent trade disputes," wrote Zhaopeng Xing and Raymond Yeung, economists at the Australian New Zealand Bank.
"But this reform is unlikely to stimulate the real estate market in China, because the authorities still adhere to strict regulatory policies to prevent the crowding-out effect of high housing prices."
China's Shanghai Composite Index. SSEC rose 1.5%. The MSCI Mingsheng Asia-Pacific (excluding Japan) index rose 1%.

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