Hong Kong's major financial stocks staged a broad rally, with insurance and brokerage shares leading the gains. CICC, New China Life Insurance, and China Life Insurance each climbed more than 5%, while China Taiping, CITIC Securities, China Merchants Securities, GF Securities, China Pacific Insurance, Ping An Insurance, and AIA Group all rose more than 3%.
On the news front, the People's Bank of China, the National Financial Regulatory Administration and the China Securities Regulatory Commission will convene a meeting with banks today to study ways to optimize the policy on relending for share buybacks and increased holdings.
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