China's stock market closed up nearly 1%, its biggest gain in two weeks

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      China equities closed higher on Tuesday, the biggest gain in two weeks as the central bank cut its seven-day reverse repo rate on Monday, leaving markets hopeful that the government will adopt more stimulus policies to support the economy.
The CSI300 index rose 1 percent, while the Shanghai Composite Index. SSEC rose 0.9 percent to 2933.99.
The central bank unexpectedly cut its seven day reverse repo rate on Monday for the first time in more than four years, a sign that the authorities are ready to take action to boost economic growth.
The seven day reverse repo rate fell 5 basis points to 2.50%.
Lu Ting, chief economist of Nomura China, said he expected more than one five basis point cut in money market financing rates by mid-2020.
"It is now very clear that Beijing has been stepping up its efforts to stabilize growth as top leaders are increasingly concerned about downward pressure on economic growth," Lu wrote.
"I believe that Beijing will plan to expand its fiscal deficit and special debt issuance in 2020. In particular, Beijing may want to promote the growth of infrastructure investment. "


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