China Stock Selloff Abates on State Efforts to Stabilize Yuan
- Offshore yuan climbs to one-week high amid intervention
- Shanghai Composite's RSI signals oversold conditions
UBS's Gao Says China Selloff Not Driven by Fundamentals
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China’s stocks rose in volatile trading after the benchmark index briefly fell below the 3,000 level as policy makers intensified efforts to stabilize the yuan.
The Shanghai Composite Index added 0.2 percent to 3,022.86 at the close, after losing as much as 1.3 percent. Technology and health-care shares led gains. The People’s Bank of China repeatedly intervened in the offshore yuan market on Tuesday, according to people familiar with the matter, following efforts to talk up the currency from two senior government officials on Monday.