Chinese concept stocks soared collectively, with the Nasdaq Golden Dragon China Index surging more than 4%, marking the largest increase in five months. FTSE China A50 Index futures also rose 1.8% at one point, while offshore renminbi continued its rebound.
The Central Political Bureau Meeting sets a heavyweight tone, and Chinese assets enter a frenzy mode.
According to Xinhua News Agency, the Central Committee of the Communist Party of China held a meeting on July 24 to analyze and study the current economic situation and deploy economic work for the second half of the year. The meeting emphasized the need to invigorate the capital market and boost investor confidence.
Influenced by this news, Chinese concept stocks collectively surged, with the Nasdaq Golden Dragon China Index soaring more than 4%, marking the largest increase in five months. FTSE China A50 Index futures also rose 1.8% at one point, and offshore renminbi continued to rebound.
In overnight trading, the Nasdaq Golden Dragon China Index (HXC) rose 4.3% after a 5.5% surge, marking the largest increase since February and breaking through the 7,100-point mark, approaching the highest level in over three months set on July 13.
Chinese concept stocks generally rose significantly, with Bilibili and NIO both surging nearly 11%, Xiaopeng Motors rising 10%, Baidu up over 5%, Alibaba up 4.5%, Pinduoduo and Meituan ADR up nearly 4%, JD.com up 3.5%, Li Auto up over 3%, and Tencent ADR up over 2%.
FTSE China A50 Index futures also rose sharply, surging more than 1.8% at one point.
In addition, offshore renminbi continued its rebound, recovering from an intraday decline of nearly 300 points, and is now reported at 7.1872.
On the same day, southbound funds in the Hong Kong stock market went on a buying spree. As of the close of the day, net southbound funds reached HKD 9.797 billion, of which HK Stock Connect (Shanghai) saw a net inflow of HKD 4.79 billion, and HK Stock Connect (Shenzhen) saw a net inflow of over HKD 5 billion. Since July, net southbound funds have accumulated a total inflow of HKD 16.47 billion, and the total net inflow for the year has exceeded HKD 140 billion.