China Stocks Rally Slows as Markets Enter Lunar New Year Break

(Bloomberg) — A rally in Chinese shares lost momentum as markets headed for the Lunar New Year holidays, a sign of lingering skepticism among investors as authorities show a stronger resolve to stem the equity market’s rout.

The CSI 300 Index rose 0.6% on Thursday after Beijing announced that Wu Qing, a banking and regulation veteran, will replace Yi Huiman as chairman of the China Securities Regulatory Commission. The onshore benchmark surged 4.5% in the previous two sessions, with its gain on Tuesday being the biggest in more than a year.