China has granted a flurry of approvals to foreign institutions to invest in equities as it steps up its attempt to lure more cash into its beleaguered stock markets.
Coupled with a state media report that local pension funds will start investing in shares, the moves were the latest indication of how authorities are trying to inject confidence in markets that have been among the worst performing in the world for two years.
The promise of policy support and stronger than expected economic growth data combined to fuel a rally yesterday. The Shanghai Composite index closed up 4.2 per cent, its biggest single-day jump in more than two years.
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