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SHANGHAI, Feb 5 (Reuters) - China stocks gained on Thursday after the central bank cut banks' reserve requirement ratio (RRR) for the first time in over two years to tackle an economic slowdown and looming deflation.
Bank shares were the biggest gainers, with the sub index rising 2.8 percent while the property sub-index was up 1.7 percent.
But the broader market, which opened over 2 percent higher, quickly pared gains as investors had anticipated an RRR cut in the lead-up to Lunar New Year holiday which begins later in the month.
"People have been expecting an RRR cut, it's just they weren't sure exactly when it would happen," said Zhang Qi, a Shanghai-based analyst at Haitong Securities.
"The market opened high but we're already seeing it fall back so it's possible we won't see the market rise that much today."
As of 0210 GMT, the CSI300 index was up 1.3 percent at 3,446.9 after gaining 2.5 percent at open. The Shanghai Composite Index was up 1 percent at 3,204.7 after opening up 2.4 percent.
In Hong Kong, the Hang Seng index added 0.7 percent while the Hong Kong China Enterprises Index gained 1.5 percent. (Reporting by Sue-Lin Wong; Editing by Kazunori Takada)