Economics
Chinese Banks Rally in Hong Kong on Signs of Economy Stabilizing
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Chinese banks rose in Hong Kong for a second day after economic data signaled a recovery in growth, easing concerns that bad loans will increase.
China Minsheng Banking Corp., the nation’s first privately-owned lender, climbed 13.2 percent yesterday and today, the biggest two-day gain since the stock began trading in Hong Kong in November 2009. China Merchants Bank Co. rose 11.6 percent and Agricultural Bank of China Ltd., the country’s third-biggest lender, gained 9.6 percent. Hong Kong’s benchmark Hang Seng Index rose 3.4 percent on this week’s first two trading days.