China stocks see best week since 2008 on stimulus impact as most Asia markets rise
Chinese markets clocked their best week in almost 16 years as the mainland’s CSI 300 rallied 15.7% this week, buoyed by several economic stimulus measures by the central bank.
Chinese markets clocked their best week in almost 16 years as the mainland’s CSI 300 rallied 15.7% this week, buoyed by several economic stimulus measures by the central bank.
The last time the index saw a bigger weekly gain was the week ending Nov. 14, 2008.
Hong Kong’s Hang Seng index recorded a weekly gain of 12.75%, making it the index’s best week since February 1998, according to FactSet data.
On Friday, the CSI 300 climbed 4.47% to close at 3,703.68, its highest level in about a year, while the HSI rose 3.32% and closed at 20,586.94, its highest since February 2023.
The rally comes as the People’s Bank of China cut its 7-day reverse repurchase rate to 1.5% from 1.7%, as well as slashed the reserve requirement ratio of financial institutions by 0.5 percentage point.
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