Still, investors have piled in, adding more than a trillion dollars to the value of the stock markets in just over four days. The benchmark CSI300 Index jumped more than 6 percent this week, while Hong Kong’s Hang Seng Index is up nearly 9 percent – its best week in a decade.
Friday’s jump in share prices and the yuan rally was aided by reports that U.S. inspections of Chinese company audits had finished ahead of time and that Beijing was working on a plan to end a system that banned individual flights for bringing in COVID-infected passengers. He dismissed this week’s rumours as mere excuse to pump up battered shares, saying China’s leadership needs time to “make the right decision that stands to the test of history.”Yin Peixin, investment manager at Shanghai Jianlong Asset Management Co., said: “If our leadership doesn’t stick with zero-COVID, China will be thrown into a hellish condition.”Infections would jump, medical systems would collapse, there would be an acute labor shortage and inflation would surge, Yin said.
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