China cuts bank reserve requirement, Japan posts record trade deficit

China's central bank has cut its bank reserve requirement. The People's Bank of China announced on Saturday that it would cut commercial banks' reserve requirement ratio by 0.50 percentage points from February 24.

Also on Saturday, the National Bureau of Statistics reported that 48 Chinese cities out of 70 tracked saw home prices fall in January. Prices for the remaining 22 were flat.

Meanwhile, in neighbouring Japan, exports declined again in January, leaving it with a record trade deficit of 1,475 billion yen. Exports fell 9.3 percent from a year ago while imports rose 9.8 percent.