Emerging Markets - China stocks scale over eight-month high and Asian forex stay steady

A screen displays prices of crypto currencies inside Upbit Lounge in Seoul, South Korea, on Monday, May 20, 2024. Upbit, the South Korean exchange operated by Dunamu Inc., now accounts for almost 5% of overall crypto trading volume globally, up from 1.4% in January 2021, according to CCData. - Bloomberg

SINGAPORE (Reuters): Most Asian equities advanced on Monday, while currencies were steady, as the latest measures from China to rescue its beleaguered property sector and prospects of imminent global rate cuts buoyed investment sentiments.

Chinese stocks gained as much as 0.6% to hit their highest since early September 2023. Shares in the Philippines climbed more than 1% before paring some gains.