Only Way Is Up for China Markets as Xi Prepares for WWII Parade
What Does China's Volatility Mean for the World?
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Chinese stocks rallied for a second day and the yuan gained the most since March on speculation authorities are propping up markets before President Xi Jinping takes the stage at a World War II victory parade next week.
The government resumed intervention in equities on Thursday to halt the biggest selloff since 1996, according to people familiar with the matter. China’s central bank strengthened the yuan’s reference rate by the most in five months Friday, a move that suggests policy makers are trying to “save face” before the Sept. 3 parade, according to Brilliant and Bright Investment Consultancy Ltd.