China Stocks Rally as Beijing Intensifies Effort to Calm Market
- Wednesday’s meeting with banks seen to bolster sentiment
- Central bank adds more liquidity after recent stock rout
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Stocks in China and Hong Kong jumped Thursday, after authorities intensified efforts to calm fears about a crackdown on the private education industry and as the central bank pumped liquidity into the financial system.
The CSI 300 Index closed 1.9% higher, led by materials and industrial stocks. Hong Kong’s Hang Seng Index rallied 3.3%, as Meituan and Tencent Holdings Ltd. both climbed at least 9%. Technology shares extended gains after a report said China will continue to allow its companies to go public in the U.S. as long as they meet listing requirements, following Didi Global Inc.’s controversial debut.