Chinese Bank Stocks Soar, Adding $166 Billion in Trading Frenzy
- CSI 300 financials gauge reaches highest since April 2022
- Cheap valuations and attractive yields draw investors: Chen
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Chinese banking stocks are surfing a tide of optimism not seen since the nation’s 2015 equity bubble, as traders look to state lenders to galvanize a long-awaited market rally.
The CSI 300 Financials Index jumped for a fifth session on Monday to reach its highest level since April 2022, adding $166 billion in market value in the process. The gains were led by state-owned lenders including China Citic Bank Corp. as well as Bank of China Ltd., which hit the 10% daily limit-up for the first time since July 2015.