Asian Shares Rise on Yellen's Comments, China Data
Asian markets moved higher on Wednesday after the release of stronger-than-expected trade data from China, and U.S. Federal Reserve Chairwoman Janet Yellen said she planned no major changes in the central bank's monetary policies.</br></br>In the biggest economic headline in Asia on Wednesday, China reported that exports climbed 10.6% in January from a year earlier, a much strong gain than the 0.1% rise that had been expected. The figure also marked an improvement on December's 4.3% growth, and a rise from a high base early last year, when exports were widely believed to have been overstated as capital flows were disguised as trade payments.</br></br>The impact was most felt in Hong Kong, where the Hang Seng Index jumped 1.5% to 22285.79. In mainland China, the Shanghai Composite gained 0.3% to 2110.79 after gaining 2.9% over the previous two sessions.</br></br>In Australia, a country with strong trade links with China, the benchmark S&PASX 200 rose 1.1% to 5310.10.</br></br>More broadly for the region, Ms. Yellen suggested in her first congressional testimony as chairwoman that the Fed would keep in place most of its easy-money policies as it gradually reduces the extraordinary bond-buying program that it has used to stimulate the U.S. economy.