Next week's annual session of the National People's Congress, where the annual growth target will be set and a plan will be laid out for achieving it, will provide the clearest indications of the government's stimulus efforts.
In the latest move to revive investor confidence, the China Securities Regulatory Commission said it would strengthen supervision of derivatives including so-called DMA-Swap products, and announced punishment of a hedge fund for excessive, high-frequency trading in share index futures.
At close of trade, the benchmark Shanghai Composite index surged 1.94%, or 57.32 points, to 3,015.17. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added spurted 3.36%, or 55.49 points, to 1,706.96. The blue-chip CSI300 index climbed up 1.91%, or 65.82 points, to 3,516.08. For the month, the CSI 300 was up 8.3%
CURRENCY NEWS: China's yuan strengthened against the dollar on Thursday. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1036 per dollar, 39 pips firmer than the previous fix of 7.1075. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1949 at midday, 27 pips firmer than the previous late session close.
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