Mainland Chinese markets rose on Thursday, with the Shanghai Composite Index posting its highest close since 2015. The index finished the day up 0.13% at 3,771.10 points, while the CSI300 index rose 0.39%.
News that Beijing is considering allowing the use of yuan-backed stablecoins contributed to the rise.
This step represents a major shift in China’s approach to digital assets after it banned crypto trading and mining in 2021.Fintech and stablecoin stocks were among the top gainers of the day. The CSI Fintech Index rose 0.78%, while Brilliance Technology gained 12.59% and Tansun Technology rose 4.75%.
According to experts, the rally was supported by easing trade tensions, improved liquidity conditions, and investors shifting from bonds to stocks. James Wang from UBS stated that the increasing interest of individual investors could push the stock market even higher. […] […] […] […] In Hong Kong, the Hang Seng Index fell by 0.24%, while the regional MSCI Asia (excluding Japan) index rose by 0.2%.] […] […] […] […]
