China’s stock index barometer CSI 300 posted its highest daily gain since July on Monday as overseas players gobbled up shares.
- The CSI 300 Index gained 3.2% to mark its strongest showing in over two months since early March.
- Overseas investors bought a record 21.7 billion yuan or $3.4 billion worth of A shares through Hong Kong links.
- Investors piled into consumer stocks with steady cash flows such as Kweichow Moutai Co. The liquor firm rose 6% after unveiling plans to double revenue by 2025.
- Financial stocks also posted gains, as Shanghai plans to cement itself as an asset management hub.
- The offshore yuan increased 0.2% versus the greenback to hit the 6.4 level, pushing state-owned lenders to slow appreciation.
- The currency has gained over 2.5% so far in the second quarter to be the top performer in Asia.
- An analyst attributed the foreign buying of A shares to the appreciation of the yuan, in line with expectations that the government could allow the currency to strengthen slightly to offset the import inflation.
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