China Stock Rally Accelerates as Momentum Hits Three-Year High
- Turnover climbs to 10-month high after blockbuster loans data
- Shanghai, Shenzhen benchmarks post biggest gains of this year
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A rally in Chinese equities steepened Monday as bumper credit figures for January added to signs of increased stimulus.
The Shanghai Composite Index jumped 2.7 percent by the close, taking its rebound since a Jan. 3 low to 12 percent, as turnover on mainland exchanges reached a 10-month high. The small cap ChiNext index in Shenzhen, typically the most speculative part of the market, soared more than 4 percent. The surge weighed on government bonds, with the 10-year yield climbing the most in two months.