SHANGHAI, March 13 (Reuters) - China and Hong Kong
stocks rose on Monday, tracking gains in global peers after U.S.
authorities stepped in to limit the fallout from the collapse of
Silicon Valley Bank (SVB).
The blue-chip CSI 300 Index and Hong Kong's Hang
Seng benchmark were up more than 0.5% each in early
morning trade.
In a joint statement, the U.S. Treasury and Federal Reserve
announced a range of measures to stabilise the banking system
and said depositors at SVB would have access to their
deposits on Monday, sending U.S. stock futures up in early Asian
trade.
"Rationally, this should be enough to stop any contagion
from spreading and taking down more banks, which can happen in
the blink of an eye in the digital age," said Paul Ashworth,
head of North American economics at Capital Economics.
(Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)
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