China Stocks Rise to 3-Year High as Financials Jump on Easing
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China’s stocks jumped the most in 15 months, sending the benchmark index to a three-year high, as a surge in trading boosted the outlook for brokerage profits and investors bet the central bank will ease monetary policy.
Haitong Securities Co., China Minsheng Banking Corp. and China Life Insurance Co. jumped more than 8 percent in Shanghai. Ping An Insurance (Group) Co. gained 6.1 percent in Hong Kong after people with knowledge of the matter said Alibaba Group Holding Ltd. founder Jack Ma agreed to invest in the company. Money-market rates fell as the People’s Bank of China refrained from draining funds from the financial system.