China Stock Surge: Chipmakers Rally Amid U.S. Tech Curbs

Chinese stocks saw significant gains, led by local chip firms, in response to tightened U.S. tech export restrictions. The Shanghai Composite and CSI300 indices posted their biggest single-day gains since November. Investors are eagerly awaiting potential policy support as geopolitical tensions and economic uncertainties persist.

China's stock market witnessed its biggest surge in over two months, predominantly driven by local chipmakers. The rally followed the United States' announcement of increased tech export restrictions, particularly targeting AI chips.

At midday, the Shanghai Composite index rose by 1.75%, marking its best gain since early November. Similarly, the blue-chip CSI300 index advanced by 1.74%, spurred on by a strong performance in semiconductor stocks.

Investors are now closely monitoring a joint press conference by the People's Bank of China and the State Administration of Foreign Exchange for possible economic and currency support measures from Beijing.

(With inputs from agencies.)