China's Stock Market Surges: A Boost from the People's Bank
China and Hong Kong's stock markets rose following the People's Bank of China's swap programme launch. The CSI300 and Shanghai Index increased nearly 3%, while Hang Seng was up 4.2%. Investors are keen on further policy announcements, especially regarding fiscal stimuli to drive sustainable recovery.
China and Hong Kong stock markets experienced a significant surge on Thursday, boosted by a new swap programme initiated by the People's Bank of China aimed at supporting the stock market.
By midday, China's blue-chip CSI300 Index and the Shanghai Composite Index both recorded nearly 3% gains, while Hong Kong's Hang Seng index rose by 4.2%. The central bank's decision to accept applications for a 500-billion-yuan swap facility intends to channel additional funds into the market.
Investors are now eagerly awaiting further policy directions, particularly on fiscal stimulus, expected from a finance ministry press conference. Positive policy measures could sustain the recent rise in market sentiment, although some analysts remain cautious over the long-term impact.
(With inputs from agencies.)