Shanghai Composite Rises Past 3,000 as Weak Data Spur Rate Bets

China’s stocks rallied to a three-year high, sending the Shanghai Composite Index past the 3,000 level, on speculation the government will further ease monetary policy to support the economy after manufacturing data trailed estimates.

Citic Securities Co. and Haitong Securities Co., the nation’s largest securities firms, jumped by the 10 percent daily limit on prospects the government won’t rein in their margin-trading businesses. Industrial & Commercial Bank of China Ltd. and PetroChina Co., the most heavily weighted companies in the Shanghai index, advanced more than 2 percent.