Caixin
Dec 05, 2022 01:09 PM
FINANCE

China Stocks Climb, Yuan Rises Past Key Level on Reopening Shift

Bullish sentiment toward the world’s second-largest economy is rising as officials relax their hard-line stance on Covid curbs. Photo: Bloomberg
Bullish sentiment toward the world’s second-largest economy is rising as officials relax their hard-line stance on Covid curbs. Photo: Bloomberg

(Bloomberg) — Chinese equities rose and the yuan jumped past the closely watched 7-per-dollar level for the first time since September, as authorities accelerated a shift toward reopening the economy.

The onshore yuan surged more than 1% to 6.9678 per dollar, the strongest since Sept. 15, while the Hang Seng China Enterprises Index rallied as much as 4%. Property firms’ dollar bonds also rose as financial hub Shanghai and neighboring Hangzhou eased some Covid curbs following recent protests against the nation’s stringent policies.

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