Meanwhile, most other markets in the Asia region started first trading day of 2020 in the green on Thursday, 02 January 2020, buoyed by easing Sino-U.S. trade tensions and positive policy thrust from China.
The U.S. President Donald Trump said on Tuesday that Phase 1 of trade deal with China would be signed on Jan. 15 at the White House. That came following reports indicating Chinese Vice Premier Liu He, Beijing's top trade negotiator, could sign the agreement.
News of monetary policy easing by China, the region's top trade partner, also aided sentiment after the country's central bank on Wednesday cut the amount of cash that banks must hold as reserves to boost the economy. The People's Bank of China announced on Wednesday that it was going to lower the reserve requirement ratio for banks by 50 basis points with effect from Jan. 6.
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