Chinese stocks briefly climbed to an all-time high on optimism for the country’s economic recovery from Covid-19 as traders returned from the lunar new year holiday.
The CSI 300 index of large Shanghai- and Shenzhen-listed stocks jumped as much as 2 per cent to an intraday record of almost 5,931 points in early trading on Thursday as onshore markets reopened following a five-day break.
However, those gains fizzled as the day wore on, with the index later down 0.7 per cent on news that China’s central bank had drained a net Rmb260bn ($40bn) of liquidity from the country’s interbank system.
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