At close of trade, the benchmark Shanghai Composite Index climbed up 1.4%, or 44.33 points, to 3,215.04. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 2.24%, or 46.76 points, to 2,133.01. The blue-chip CSI300 index gained 1.96%, or 81.62 points, to 4,237.70.
Market sentiment improved after Vice Premier Liu He on Wednesday urged the roll-out of more support for the economy and said policymakers would be cautious with measures for capital markets.
China will roll out measures to stabilize capital markets and bolster economic growth following a massive sell-off in recent weeks, driven by concerns such as Russia's invasion of Ukraine, regulatory risks and virus outbreaks.
Beijing will "actively introduce" market-friendly policies and ensure that any regulation that could have a "significant impact" on the capital markets is coordinated with financial authorities ahead of time to manage market reactions and expectations, as per reports, citing Vice Premier Liu He's remarks during the State Council meeting. The government will also widen access to the capital markets and maintain Hong Kong's market stability through stronger cross-border collaboration.
CURRENCY NEWS: China's yuan depreciated near three-month low against the U.S. dollar on Tuesday after softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3406 per dollar, 394 pips or 0.6% firmer than the previous fix 6.38. In the spot market, the yuan CNY=CFXS opened at 6.3500 per dollar and was changing hands at 6.3459 at midday, 59 pips firmer than the previous late session close.
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