China's Shanghai Composite just broke the 5000 barrier

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Having balked at the level last week, China’s Shanghai Composite has opened above the 5,000 point level this morning.

The index is now on track to close at its highest level since January 18, 2008.

Over the past year the index is up 146% with the year to date gain 55%.

On Thursday the index plunged 6% before rallying close to 7% in the final hour of trade.

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