Chinese equities closed higher on Wednesday, recovering from the previous session's losses as investors welcomed several major announcements at the opening of the Lujiazui Forum. The Shanghai Composite Index rose 0.4% to 4,108, while the Shenzhen Component gained 1.31% to 15,881, extending its winning streak to three sessions.
Market sentiment improved after the People's Bank of China indicated it may shift to using the overnight policy rate as its main benchmark, replacing the current seven-day reverse repo rate. The change would bring China's monetary policy framework more in line with those used by major central banks such as the U.S. Federal Reserve.
Investors were also encouraged by comments from Vice Premier He Lifeng, who said China plans to strengthen its financial legal framework, including introducing anti-sanctions measures aimed at countering what it views as unfair foreign restrictions.
Technology stocks led the advance, with gains in Zhongji Innolight, Eoptolink Technology, and NAURA Technology helping lift the broader market.
Powered by Capital Market - Live News