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Monday, May 14, 2012 1:45 AM UTC

Asian shares rise on optimism about China

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Topics: From the Wires,

TOKYO (AP) — Asian shares rose on some optimism about the regional economy Monday after a move by China’s central bank over the weekend to encourage lending and curtail a slowdown.

Japan’s Nikkei 225 index gained 0.8 percent within the first hour of trading to 9,028.65 and South Korea’s Kospi added nearly 0.2 percent at 1,920.22.

The People’s Bank of China announced that the bank reserve ratio requirement is being reduced a half percentage point as of next Friday. The move brings the rate down to 20 percent for most major banks and effectively frees up billions of dollars for lending.

But the regional market remains nervous about political uncertainty in crisis-struck Greece.

Wall Street ended last week with a decline after JPMorgan said it lost $2 billion on poorly-thought-out trades. The Dow Jones industrial average fell 0.3 percent Friday to 12,820.60.

In currencies, the euro dipped slightly at $1.2890 while the dollar was little changed at 80.08 Japanese yen.

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Gripping photos: The people of the Turkey protests (slideshow)

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

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