Asia shares higher on China rate cut and ECB inflation vow 24 November 2014 Last updated at 03:02 Continue reading the main story Continue reading the main story Last Updated at 21 Nov 2014, 08:02 Asian shares traded higher on Monday as investors cheered an interest rate cut in China and the European Central Bank's (ECB) vow to fight deflation. An unexpected rate cut by China's central bank on Friday has sparked hopes of more action to combat the slowing economy. Meanwhile, ECB President Mario Draghi said the bank would do whatever needed to raise inflation in the eurozone. The Hang Seng index was up 1.9% at 23,882.58 on news of the rate cut. On the mainland, the benchmark Shanghai Composite was up 1.1% at 2,515.15 points. Japanese markets were closed for a public holiday. In Australia, shares bounced back after closing at a five week low on Friday at 5,306.8. The S&P/ASX 200 index was up 1% at 5,359.50 - snapping last week's losing streak. Miners led the rise as the surprise rate cut in China spurred hopes that demand for commodities would pick up in the world's second largest economy. Shares of BHP Billiton and Rio Tinto were higher 4% and 3.9% respectively. South Korean shares were higher with the benchmark Kospi up 0.7% at 1,978.42.