HONG KONG: Stocks advanced on Wednesday to build on another strong performance in New York following more healthy earnings from big-name firms, while hopes for a slowdown in Federal Reserve (Fed) rate hikes spread cheer.

Hong Kong and Shanghai enjoyed a much-needed boost after the People's Bank of China (PBoC) and foreign exchange officials pledged support for the East Asian country's equities, bonds and yuan, helping investors bounce back from Monday's rout.

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