Mainland China stocks advanced on Thursday, with the Shanghai benchmark hitting its highest in a decade, driven by heavy gains in fintech and stablecoin-concept shares after a Reuters report signalled a major shift in Beijing’s stance on digital assets.
** At the midday break, the benchmark Shanghai Composite index 000001 was up 0.35% at 3,779.52 points, the loftiest intraday peak since August 2015, while China’s blue-chip CSI300 index 3399300 was up 0.71%.
** Fintech and stablecoin-concept shares were among the biggest winners in morning deals, after Reuters reported, citing sources, that China is considering allowing the usage of yuan-backed stablecoins for the first time to boost wider adoption of its currency globally.
** China’s plan for the usage of stablecoins, if approved, would mark a major shift in its approach towards digital assets. The country banned cryptocurrency trading and mining in 2021 due to concerns about the…
