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Chinese stocks rallied on Tuesday after the country’s leaders pledged to implement “moderately loose” monetary policy to revive economic growth.
The CSI 300 index rose as much as 3.3 per cent at the open before paring gains to be 1.9 per cent higher. Hong Kong’s Hang Seng rose 1.1 per cent.
Yields on China’s benchmark 10-year bonds slipped five basis points to 1.86 per cent in the morning session, hitting a record low as investors bet on further interest rate cuts from the central bank. Bond yields move inversely to prices. The renminbi strengthened to Rmb7.249 against the dollar.
The rally came after China’s politburo, the Communist party decision-making body chaired by President Xi Jinping, vowed to implement “unconventional” measures to boost growth and stabilise the stock market and property…
