China stimulus revives hopes for economy, CSI 300 Index sees best week since 2008

seekingalpha09-27

China's fresh stimulus measures went into effect on Friday, in line with central bank governor Pan Gongsheng's comments earlier this week, as Beijing moves quickly to boost fiscal support and economic...

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The People's Bank of China lowered the seven-day reverse repurchase rate to 1.50% from 1.70% and the required reserve ratio for major banks to 9.5% from 10.0%. The blue-chip CSI 300 Index (SHSZ300), which ended 4.5% higher on Friday, gained 15.7% this week in its biggest weekly gain since 2008. The broader Shanghai Composite (SHCOMP) closed up 2.9% and the Hang Seng Index (HSI) rose 3.2% on Friday. The new measures follow a huddle of China's Politburo - comprising 24 top Communist Party officials - that ended Thursday, where leaders pledged action to ensure that annual economic targets are met and the real estate market stabilizes.  \"Overall, we feel today's measures are a step in the right direction, especially as multiple measures have been announced together rather than spacing out individual piecemeal measures to a more limited effect,\" said ING. \"We continue to believe that there is still room for further easing in the months ahead. If we see a large fiscal policy push as well, momentum could recover heading into Q4.\"  More stimulus is expected before China's Golden Week holidays start on October 1. Beijing is also planning to issue sovereign bonds worth 2T yuan ($285.18B) this year, Reuters reported, citing two sources. On Tuesday, the PBOC cut rates on existing mortgages and minimum down payments for buying homes, and announced 800B yuan ($114.07B) liquidity measures to support the stock market.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Economic Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2470605772"}