Source: Wall Street News
Author: Bu Shuqing
China Securities stocks are collectively in a frenzy. The Nasdaq Golden Dragon China Index surged more than 4%, the biggest increase in five months. FTSE China A50 futures rose 1.8% at one point, and the offshore renminbi continued to rebound against the US dollar.
The Politburo meeting of the Central Committee set the tone, and China's assets began a carnival mode.
According to Xinhua News Agency, the Political Bureau of the CPC Central Committee held a meeting on July 24 to analyze and study the current economic situation and deploy economic work for the second half of the year. The conference emphasized the need to revitalize the capital market and boost investor confidence.
Affected by this news,China Securities stocks are collectively in a frenzy. The Nasdaq Golden Dragon China Index surged more than 4%, the biggest increase in five months. FTSE China A50 futures rose 1.8% at one point, and the offshore renminbi continued to rebound against the US dollar.
Overnight US stocks, the Nasdaq Golden Dragon China Index (HXC) surged 5.5% and then closed up 4.3%, the biggest increase since February. It rose above 7,100 points, approaching the three-month high set on July 13.
China Securities has generally surged.Station B and NIO Auto surged nearly 11%.Xiaopeng Motor soared 10%, Baidu rose more than 5%, Alibaba rose 4.5%, Pinduoduo and Meituan ADR rose nearly 4%, JD rose 3.5%, Ideal Auto rose more than 3%, and Tencent's ADR rose more than 2%.
FTSE China A50 Index futures also rose sharply, rising more than 1.8% at one point.
Also, the offshore renminbi continued to rebound against the US dollar, recovering from an intraday decline of nearly 300 points, which is now reported at 7.18738.
On the same day, Hong Kong stocks went south and bought frantically. By the close of the day, the net capital inflow to the south was HK$9.797 billion, of which the net inflow to Hong Kong Stock Connect (Shanghai) was HK$4.79 billion, and the net inflow to Hong Kong Stock Connect (Shenzhen) exceeded HK$5 billion. Since July, the cumulative net inflow of capital to the south has reached HK$16.47 billion; the total net inflow during the year has exceeded HK$140 billion.
Editor/Somer