China’s stock market galloped to a three-year high after the first interest rate cut in more than two years, but market observers are divided about whether looser monetary policy will be sufficient to support a rally.
The Shanghai Composite index gained 1.9 per cent on Monday, the first trading day following the announcement by the People’s Bank of China of the rate cut after Friday’s market close.
A case for optimism about Chinese shares rests on the view that the rate cut marks the start of more aggressive easing in an economy that during the third quarter grew at its lowest pace in five years.
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