China’s financial markets had lacked direction in the past month as investors awaited clues on the state of trade talks.
“Nothing really exceeded expectations, so there isn’t much room for a fundamental rally,” said Hao Hong, chief strategist at Bocom International.Airlines surged as the yuan strengthened. Air China Ltd rose 5.9% and China Southern Airlines Co jumped 4.8% in Hong Kong. The rate is calculated with formulas that take into account factors such as the previous day’s official close at 4:30pm, the yuan’s move against a basket of currencies and the moves in other major exchange rates.Brokerages rallied after the government said it would improve the effectiveness of fiscal policy in 2020.
The report also said the government and central bank will ensure reasonably ample liquidity. CSC Financial Co rose 10% in Shanghai, while Tianfeng Securities Co gained 5.9%.
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