China's Stock Market Boost: Central Bank Acts Amid Economic Slowdown

China's central bank launched a swap facility boosting stocks amidst an economic slowdown. Mainland Chinese blue chips rose following the announcement, despite mixed regional share responses. U.S. dollar remains robust due to strong economic data and election considerations, indirectly impacting gold's rise to a new high.

China's stock market saw a rise on Friday as the central bank launched a new swap facility designed to invigorate the equity market. This move comes amid confirmation of a slowdown in China's economic growth, which expanded 0.9% in the third quarter, trailing slightly behind expectations.

Meanwhile, the U.S. dollar maintained its strength close to an 11-week high, buoyed by strong U.S. economic data and speculation surrounding the upcoming presidential election. The robust dollar contributed to gold achieving a new record high as markets brace for potential inflationary policies under a Trump victory.

In Asia, reactions were mixed with Chinese and Hong Kong stocks rising, while Australian and South Korean markets slipped. This reflects varied investor sentiments as China's central bank pushes banks and capital markets to implement supportive policies.

(With inputs from agencies.)