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China is pumping money into stocks and markets are loving it

today 02/06/2024
Chinese stocks experienced their largest rally in years after the country's sovereign wealth fund announced increased buying of shares to address the ongoing market decline. The Shanghai Composite and Shenzhen Component indexes both saw significant gains, with the former marking its largest daily increase since March 2022. Hong Kong's Hang Seng Index also surged, led by Chinese tech shares. The positive momentum extended to Europe, while US stock futures remained mixed. The rebound in Chinese stocks followed efforts by Beijing to support the struggling market, which has been the world's worst performer this year. Central Huijin Investment, the equity arm of state-owned China Investment Corp, revealed its expanded holdings of exchange-traded funds (ETFs) on mainland stock markets to maintain stability. The China Securities Regulatory Commission expressed support for Central Huijin's plans and encouraged more institutional investors to enter the stock market. This intensified effort came after Chinese markets experienced a slide, prompting frustrated investors to voice their concerns through social media channels. The rally in China contrasted with declines in other regional markets. While these rescue attempts may offer some temporary relief, they do not address the underlying challenges faced by the Chinese economy, including weak demand, deflationary pressures, a struggling real estate sector, and escalating trade tensions with the US. The recent market calm following reassurances from Beijing was disrupted when a Hong Kong court ordered the liquidation of Evergrande, a prominent player in China's property crisis, causing investors to sell their holdings.
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