- Asia-Pacific stocks were mixed on Tuesday.
- Hong Kong-listed shares of Chinese real estate firms dropped amid renewed fears.
- The Reserve Bank of Australia on Tuesday announced its decision to keep its cash rate target unchanged but decided to stop its target of 10 basis points for the April 2024 Australian Government Bond.
SINGAPORE — Shares in Asia-Pacific were mixed on Tuesday, as Hong Kong-listed shares of Chinese real estate firms fell amid renewed fears.
By the market close in Hong Kong, China Evergrande Group's stock fell 2.9% while China Vanke tanked by 4%, while Sunac China Holdings plunged 9.6%. The Hang Seng Properties index declined 0.99% to 30,203.36. The broader Hang Seng index in Hong Kong erased earlier gains and fell 0.22% to 25,099.67.
On Monday, Moody's downgraded developer Yango Group, warning the Chinese firm "may not be able to mobilize all of its cash holdings to repay its maturing debts."
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That came after Yango announced an offer to swap some U.S. dollar bonds for new notes personally guaranteed by its founder and chairman as part of efforts to "avoid imminent payment defaults." Mainland-listed shares of Yango Group plunged nearly 7% on Tuesday.
Elsewhere, South Korea's Kospi jumped 1.16% on the day to 3,013.49, leading gains among the region's major markets as shares of industry heavyweight Samsung Electronics jumped 2.29%.
RBA monetary policy decision
The S&P/ASX 200 in Australia dipped 0.63% to close at 7,324.30. The Reserve Bank of Australia on Tuesday announced its decision to keep its cash rate target unchanged but decided to stop its target of 10 basis points for the April 2024 Australian Government Bond.
"The decision to discontinue the yield target reflects the improvement in the economy and the earlier-than-expected progress towards the inflation target," RBA Governor Philip Lowe said in a statement.
"Given that other market interest rates have moved in response to the increased likelihood of higher inflation and lower unemployment, the effectiveness of the yield target in holding down the general structure of interest rates in Australia has diminished," Lowe said.
Following the RBA's announcement, the Australian dollar fell to $0.7463 against an earlier high of $0.7532.
MSCI's broadest index of Asia-Pacific shares outside Japan declined 0.19%.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.894 after declining recently from above 94.
The Japanese yen traded at 113.66 per dollar, stronger than levels around 114.4 seen against the greenback yesterday.
Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures rose 0.55% to $85.18 per barrel. U.S. crude futures were 0.24% higher at $84.23 per barrel.