Asian stocks decline on China reserve ratio plan

SINGAPORE - Asian stocks dropped for the fourth time in five days after Australia unveiled plans to impose the world's heaviest tax regime on mining companies and China increased bank reserve ratios for a third time this year.

BHP Billiton Ltd and Rio Tinto Ltd sank at least 3 percent. Industrial & Commercial Bank of China Ltd fell 1.6 percent in Hong Kong.

The MSCI Asia Pacific excluding Japan Index slipped 1.2 percent to 422.51 in evening trade in Hong Kong. The gauge has increased 12 percent from its low this year on Feb 8 as better-than-estimated economic and earnings reports worldwide offset concerns a debt crisis in Europe will damp growth.