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Last night, the Chinese government announced new measures to boost the housing market, leading to a strong surge in the A-shares market this morning. The Shanghai Composite Index rose over 5%, reclaiming the 3,200-point mark and hitting a new high in over a year. The Shenzhen Component Index jumped more than 8%, while the ChiNext Index expanded its gains to 11%. The trading volume of A-shares surpassed RMB 1.5 trillion, setting a new record for the fastest-ever trillion-yuan turnover in history.
Since last week, the Chinese government has announced large-scale economic stimulus measures, including injecting capital into the stock market and attempting to revive the housing market. Last night, the People's Bank of China announced a reduction in existing mortgage rates, followed by Shanghai and Shenzhen easing some purchase restrictions, and Guangzhou going even further by completely lifting purchase limits.
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Can this series of measures save the Chinese economy from its dire straits?