A raft of steps announced by Chinese authorities, including curbs on short-selling and state fund Central Huijin expanded stock buying expansion, and hopes for more powerful market rescue measures underpinned investor sentiments.
At close of trade, the benchmark Shanghai Composite index increased 1.44%, or 40.21 points, to 2,829.70. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.47%, or 22.12 points, to 1,528.91. The blue-chip CSI300 index surged 0.96%, or 31.94 points, to 3,343.63.
CURRENCY NEWS: China's yuan held steady against the dollar on Wednesday, despite softer mid-point fixing by the central bank. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1049 per dollar, 0.05% firmer than the previous fix of 7.1082. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1874 at midday, 9 pips firmer than the previous late session close.
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