Chinese stocks rebounded sharply on the 29th. The yuan is also being bought. Hopes of reopening the economy grew as markets looked for signs of further easing of coronavirus restrictions after a press conference by Chinese health officials. New real estate support measures also helped improve sentiment.
The CSI 300 index of mainland Chinese stocks closed 3.1% higher. The Hong Kong-listed Hang Seng China Enterprises (H Shares) Index of mainland stocks closed 6.2% higher. The Hang Seng Index rose 5.2% and the Hang Seng Tech Index rose 7.7%.
China lifts ban on mainland stock issuance for listed property developers to help raise capital
Corporate bonds of major real estate developers also rose. The offshore yuan rose 1.2% against the dollar at one point.
China to step up vaccinations for the elderly — key to full-scale economic reopening
“Long-term restriction fatigue is making it clear that the only way forward is to pivot toward reopening the economy,” said Marvin Cheng, an analyst at Bloomberg Intelligence. “The road to reopening will not be smooth, but market sentiment could improve heading into 2023,” he said.
Original title:China Markets Rally on Reopening Bets, More Property Measures（抜粋）