Chinese Markets Bounce Back: PBOC's Swap Programme Lifts Stocks

China and Hong Kong markets saw an uptick as the People's Bank of China introduced a swap programme to boost stock investments. The initiative includes a 500 billion yuan facility aimed at enhancing liquidity, addressing market declines, and awaiting further fiscal measures.

China's and Hong Kong's stock markets witnessed a rise on Thursday morning following the People's Bank of China's initiation of a swap programme designed to bolster market activity.

The blue-chip CSI300 Index and the Shanghai Composite Index each increased by 0.6% at open, while Hong Kong's Hang Seng Index surged by 2%.

This financial maneuver includes a 500 billion yuan swap facility targeting securities firms, funds, and insurers, with details on fiscal stimulus eagerly awaited at a finance ministry press conference scheduled for Saturday.

(With inputs from agencies.)