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Asia markets rally on RCEP, bullish on future

2020-11-17 09:06:19       source:Global Times

November 16, 2020

Asia-Pacific financial markets rallied on Monday as investors issued a vote of confidence to the signing of the world's largest trade agreement, the Regional Comprehensive Economic Partnership (RCEP), reflecting the markets' upbeat sentiment toward the long-term economic benefits of the deal, even as hurdles and challenges remain in its implementation. 

While officials from the 15 member countries continue to celebrate what they call a historic win for free trade and multilateralism, tasks and challenges need to be addressed, including lingering political and trade disputes between member states and meddling from the US, for the trade partners to fully carry out the deal and unleash its full potential, Chinese experts said.

Upbeat sentiment

Following the signing of the RCEP on Sunday, stock markets across the Asia-Pacific rallied on Monday. In China, the benchmark Shanghai Composite Index gained 1.11 percent at market close. In Japan, the Nikkei 225 rose 2.05 percent. In South Korea, the Kospi also gained nearly 2 percent. In Australia, the S&P/ASX 200 rose 1.23 percent. 

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