Chinese Stocks Rally Most in Seven Months on Stimulus Blitz
- Benchmark CSI 300 Index rises more than 2% after a modest open
- Effectiveness of these measures remains to be seen: Timefolio
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China’s stocks climbed Tuesday, fueled by the central bank’s latest blitz of policy measures designed to stem the worsening economic outlook and market mood.
After a modest open, equities gathered steam after People’s Bank of China Governor Pan Gongsheng’s announcement, with traders assessing if the stimulus package was sufficiently robust. By late morning, the benchmark for onshore Chinese stocks rose as much as 2.4%, while the Hang Seng China Enterprises Index climbed more than 3% — both posting the strongest gains since February on an intraday basis. Banks, property developers and brokerages led the gains.