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China Stocks Climb, Yuan Jumps Past Key Level on Reopening Shift
Published on: 2022-12-06
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Chinese equities rallied and the yuan strengthened past a key level, as the authorities accelerated a shift toward reopening the economy and more investors turned bullish.

The yuan breached the 7-per-dollar level, while a gauge of Chinese tech stocks in Hong Kong surged 9.3% in a fifth day of gains. The dollar bonds of developers also rose as financial hub Shanghai and neighboring Hangzhou joined other cities in easing Covid-Zero curbs.

Months of volatility in Chinese assets have given way to a buying spree as money managers grow increasingly convinced that the tide has finally turned on a market brought low by Beijing’s regulatory crackdown and Covid policy. But even as the bullish calls pile up, analysts such as Grow Investment Group’s Hao Hong caution that rising infections may induce more price swings in the near term.

For now, a steady rollback of restrictions in the past weeks is generating a buzz not seen in a while. The Hang Seng China Enterprises Index surged 29% last month, the best performance since late 2003, while the onshore yuan gained by the most since 2018.



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