But some central banks have begun easing up on the accelerator in response to surging prices. Most Asian countries have also kept their monetary policy loose to deal with the fallout from pandemic-related shutdowns and travel restrictions. In remarks carried by the official Xinhua News Agency, Li said the government needs to provide more support for smaller companies, reduce taxes and fees, “do a good job in ensuring the supply and price stability of electricity and coal and take strong measures to support manufacturing.” Hong Kong's Hang Seng index dropped 0.9% to 24,885.46 while the Shanghai Composite index lost 0.2% to 3,499.19.Ĭomments by Chinese Premier Li Keqiang about downward pressure on the economy also rattled investors. The question is not so much one of tapering, which at this point seems a foregone conclusion, but more about the timing of future rate hikes,' Mizuho Bank said in a commentary. “Markets are largely in wait-and-see mode ahead of the U.S. Those purchases are intended to keep long-term loan rates low to encourage borrowing and spending. The Fed's chair, Jerome Powell, has signaled the Fed will announce after its policy meeting that it will start paring its $120 billion in monthly bond purchases as soon as this month.

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