China stocks consolidate just under two-month high

Chinese shares saw modest gains, consolidating just under a two-month high as sentiments stayed broadly supported on trade hopes and prospect of a steady domestic economic undertone. The benchmark Shanghai Composite index edged up by 0.21% to 3,387.51 while Hong Kong's Hang Seng index added 0.62% to close at 23,827.78. Yesterday, China cut its key lending rates. The Peoples Bank of China reduced the one-year loan prime rate (LPR) from 3.1% to 3.0% and adjusted the five-year LPR from 3.6% to 3.5%. This adjustment represents the first rate cuts since the central bank made a 25-basis-point reduction in October.

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