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China’s Shanghai Composite, in one of the few markets open today, has rallied around 2.5 per cent, wiping out losses for the year.The composite is up around 0.7 per cent year to date.
The rally seems to be due to political statements about reform. Jingxi Investment Management’s Wang Sheng tells Bloomberg:
“There are growing expectations that new leaders will take measures to reform the economy and the financial system will find China new growth drivers. That’s why you see all these big- caps rallying today. The ongoing economic recovery is spurring the rebound as well.”
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