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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Stocks surge on talk hopes, loan data
    2019-02-19  08:53    Shenzhen Daily

CHINA stocks jumped yesterday after trade talks between China and the United States saw progress ahead of a March 1 deadline, and new data showed China’s attempts to boost investment led to record new loans in January.

China’s CSI300 index of blue-chip firms jumped 3.2 percent to 3,445.74 points, its highest close since Aug. 1. The Chinese index far outperformed other Asian markets.

It was the strongest gain for the index since Nov. 2, and easily topped its advance on the first day of trading after China and the U.S. on Dec. 1 agreed to a temporary ceasefire in their trade dispute.

The benchmark Shanghai Composite index ended 2.7 percent higher at 2,754.36 points, its highest close since Sept. 28. Trading volumes were high, with about 26.04 billion shares traded on the Shanghai exchange, the most since March 23.

The smaller Shenzhen index ended up 3.71 percent and the startup board ChiNext Composite index gained 4.11 percent.

After a briefing by his negotiating team, U.S. President Donald Trump pronounced on Twitter that the talks had been “very productive,” echoing a tone of optimism from State media.

Investor spirits were further lifted by data released Friday showing that China’s banks made a total of 3.23 trillion yuan (US$477.79 billion) in new loans in January, the highest on record and exceeding expectations.

Zhang Gang, an analyst at Central China Securities in Shanghai, said progress in trade talks and the new credit data were both drivers for Monday’s rally.

The loan data “is undoubtedly a sign of authorities’ efforts to encourage new credit to stimulate the economy. While it may not be sustainable, it definitely represents a signal, and raises strong expectations that they will be able to counter the economic slide,” he said.

“At the moment it seems like we may be near the end of the process of reaching a final agreement (on trade),” Zhang added. “There are some details that need to be worked out, but the market has relatively good expectations. This is in stark contrast with 2018.”

U.S. tariffs on US$200 billion of Chinese goods will rise to 25 percent from 10 percent if no deal is reached by March 1 to address U.S. demands that China curb forced technology transfers and better enforce intellectual property rights.

(SD-Agencies)

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