Chinese Shares Rally Around 1%

Chinese shares rallied ahead of next week's political meetings of the Communist Party and the release of key economic indicators by the National Bureau of Statistics on July 15. The benchmark Shanghai Composite index climbed 1.06 percent to 2,970.39. Asian stocks surged on Thursday after Federal Reserve Chair Jerome Powell said the U.S. central bank will make interest rate decisions "when and as" they are needed, regardless of political factors. Amid rising hopes for a September rate cut, investors awaited the release of U.S. CPI report later in the day for further direction.

Meanwhile, Hong Kong's Hang Seng index also jumped 2.06 percent to 17,832.33, a day after China's securities regulator announced more curbs on short selling.

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