China stocks rise on fresh signs of economic support, yuan’s rebound

Chinese stocks rebounded from near three-week lows on Thursday, as fresh signs of government economic support and a pause in the yuan’s slide aided sentiment. ** The blue-chip CSI300 Index rose 0.20% to 4,088.57 in the morning session, while the Shanghai Composite Index gained 0.40% to 3,228.26.

** Trading in Hong Kong was suspended on Thursday morning due to a typhoon. ** Market confidence has been hit recently by fresh signs of weakness in China suffering from a property crisis, COVID-19 outbreaks, and heave waves that disrupted production in some provinces.

** The session’s rebound comes as China’s Ministry of Human Resources and Social Security said the country will focus on expanding jobs and promoting fiscal, monetary, and industrial policies to support job market stabilization. ** The fresh signs of economic support came a day after the state media quoted China’s cabinet as saying that the government will take more steps to support the economy, including increasing funding support for infrastructure projects and ramping up support for private firms and technology companies.

** Market sentiment was also aided by signs of stabilization in the yuan, with the currency rebounding from a two-year low against the dollar, helped by firmer-than-expected official guidance. ** Sources told Reuters on Wednesday that China’s foreign exchange regulator phoned several banks to warn them against aggressively selling the Chinese currency.

** China’s financials shares rose 0.6%, but Shenzhen’s start-up board ChiNext and Shanghai’s tech-heavy STAR Market fell 0.8% and 1.5%, respectively. ** Energy companies jumped 3.7%, but new energy shares dropped nearly 2%.

** Subscription and redemption in 67 Shanghai-listed exchange-traded funds (ETFs) were halted on Thursday due to a morning trading suspension in Hong Kong triggered by a typhoon.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)