Chinese stocks hit an almost two-year high on Thursday after the central bank moved to boost economic growth by pumping $115bn into the country’s financial system.
The CSI 300 of Shanghai- and Shenzhen-listed companies rose 1.5 per cent on Thursday, the first trading day of 2020, to hit their highest level since February 2018.
That came a day after the People’s Bank of China cut the reserve requirement ratio for commercial lenders across the board by 50 basis points, to release around Rmb800bn ($114.9bn) of fresh liquidity into the banking system ahead of Chinese new year later in January. Meanwhile, a new survey showed continued growth in China’s manufacturing sector.
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