Asian equities were mixed on Thursday after Chinese manufacturing data hit a seven-month high in October and a rise in mainland money market rates triggered liquidity fears.
Japan's Nikkei and South Korea's Kospi erased earlier gains to enter positive territory, Australia's S&P ASX 200 hovered near the previous day's five-year high and Indian stocks hit a new three-year high. Meanwhile, the Shanghai Composite hit a one-month low.
"I don't expect to see a [credit crunch] like June. Clearly now, there's a struggle within Beijing on how much to emphasize restructuring, liquidity, and asset bubbles. [These are] the same problem problems you find everywhere else. I don't think China is that dramatically different," said Viktor Shvets, head of strategy research, Asia at Macquarie
(Read more: China unlikely to see a repeat of June cash crunch)