Markets React to Chinese Currency Change

Financial markets are responding to the announcement that China will change the value of its currency:

HONG KONG — China’s weekend announcement of more flexibility for the renminbi triggered an across-the-board rally in Asian stock markets Monday as investors welcomed the political and economic implications of the announcement.

The Nikkei 225 index in Japan was up 1.8 percent by lunchtime in Tokyo. Key indexes in South Korea, Singapore, Taiwan and Australia also were more than 1 percent higher by late morning.

In Hong Kong, the Hang Seng index gained 2.6 percent, while the Shanghai composite index, the main gauge for mainland China, rose 0.7 percent.

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