Asia opens mostly higher as China cuts rates

Asian stocks opened mostly higher after the People's Bank of China cut year-long borrowing rates by 10 basis points, and five-year borrowing rates by 5 basis points as expected to prop up the market amid coronavirus concerns. 

Earlier Australian data showed unemployment up to 5.3% from 5.1%, missing estimates of 5.2%. 

Last Monday, the People's Bank of China also cut medium-term debt rates to 3.15% from 3.25% amid an all out assault to stave off the coronavirus impact. 

Japan's TOPEX rose 0.65%, while Nikkei 225 added 0.88% to 23,607. 

China's CSI 300 rose 0.66%, while Shanghai added 0.22% to 2,982. 

Hong Kong's Hang Seng shed 0.58%, while South Korea's KOSPI dropped 0.76% to 2,193. 

New Zealand's NZX 50 rose 0.54%, while Australia's S&P/ASX 200 climbed 0.51% to 7,181.