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Signage for Bank of Korea is displayed atop the central bank's headquarters building in Seoul, South Korea, on Thursday, Aug. 16, 2018. South Korea's central bank hiked interest rates for a second consecutive meeting on Thursday to wrestle consumer inflation down from 13-year highs, and further raised its projections for prices to rise to their highest since 2008.

SINGAPORE — China stocks led declines in Asia-Pacific markets on Friday, after key Wall Street benchmarks fell overnight as investors digested a sticky U.S. inflation report.

Mainland China's CSI 300 blue chip index declined 2.77% to settle at 3,887.17, ending the week 3.25% lower, as a stimulus-fueled rally continues to lose steam.

China's Ministry of Finance is scheduled to hold a press conference on Saturday 10 a.m. local time. The highly anticipated briefing session is expected to unveil fresh fiscal stimulus package as Beijing attempts to boost its economy. It will be a working day in China on Saturday but markets will be closed.

Investors in Asia also assessed a rate decision from the Bank of Korea, with the BOK cutting its benchmark interest rate by 25 basis points to 3.25%, its first rate cut since 2020. The decision marks the end of a multi-year tightening cycle that sent the rates to a 15-year high in 2023.

The decision comes as inflation in South Korea eased to 1.6% in September, the lowest level since early 2021 and below the central bank's medium-target of 2%.

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