China’s central bank extended a reserve-requirement cut to some national lenders including China Merchants Bank Co. and Industrial Bank Co. as officials try to support growth without unleashing broader stimulus.
A Chinese manufacturing gauge rose to a seven-month high in June, supporting Premier Li Keqiang’s contention that the economy will avoid a hard landing as the government steps up efforts to spur growth.
The cost of hedging against losses in the largest Chinese exchange-traded fund in the U.S. has fallen to a record low on optimism that government stimulus will help sustain growth in the world’s second-biggest economy.
Copper climbed for a fourth session amid speculation that demand will stabilize in China as policy makers try to support growth in the world’s largest consumer of industrial metals. Zinc advanced to a one-week high.