Chinese stocks posted their biggest single-day gains in more than three years on Monday after U.S. President Donald Trump said he would delay an increase in tariffs on Chinese goods thanks to “productive” trade talks.
Trump said that he and Chinese President Xi Jinping would meet to seal a deal if progress continued.
China’s Shanghai Composite index surged 5.6 percent to end the day at 2,961.28 points, its highest close since June 15, 2018 and the strongest daily percentage gain since July 9, 2015.
The blue-chip CSI300 index also posted its biggest one-day rise since July 9, 2015, ending 5.9 percent higher at 3,729.48 points, the highest closing level since June 15.
After falling more than 11 percent in the fourth quarter of 2018 due to concerns about slowing domestic growth and the trade war, the Shanghai Composite index has staged a rebound in 2019. As of Monday’s close, it is up 18.7 percent so far this year. The CSI300 has gained 23.9 percent in the year to date.
Source : Reuters