In the early afternoon in Hong Kong, the Asian area stock market index - the MSCI Asia Pacific - dropped 1,2%, amid concerns regarding the Chinese monetary policy, which promises to be more restrictive than expected. The central bank pulls the brakes on liquidity, to control house prices and also to keep the 'shadow financial systemwhich gets in the way of credit policy with a life of its own. Clearly, the 'American lesson' has been learned, and the Chinese monetary authorities want to avoid a repetition in the Celestial Empire of the story that brought the American economy to its knees, where real estate bubbles and excess credit had been fed by a 'shadow financial system' which had grown to even greater tonnage than the normal financial system.
In Japan, the Topix and Nikkei are little changed, supported by a yen which remains weak at 98,5. The euro has also changed little, at 1,31 while gold remains below 1300 and oil registers 93,5 $/b (WTI) and 100,5 (Brent).
http://www.bloomberg.com/news/2013-06-24/asian-stocks-rise-as-japan-exporters-climbs-on-weaker-yen.html
