The benchmark Shanghai Composite Index was up 0.87 percent to close at 2926.9 points on Wednesday. The index has rebounded by over 6 percent after a sharp fall of nearly 8 percent on the first trading day after the extended Chinese New Year holiday. The ChiNext index, which tracks stock prices of startups on the Shenzhen Stock Exchange, also rallied strongly by 2.8 percent on Wednesday, not only recovering earlier losses but also hitting a three-year high. Market sentiment has been lifted by the swift and effective measures the government has taken to contain the spread of the disease and a series of supportive monetary and fiscal policies to minimize the risks to the economy caused by the epidemic, analysts said. Investors’ risk tolerance also seemed to be growing as many of them anticipated further policy easing and more liquidity in the market. The People’s Bank of China, the central bank, has injected liquidity of at least 1.7 trillion yuan ($244 billion) in open market operations and offered 300 billion yuan in special relending to support businesses involved in fighting the contagion. The Ministry of Finance also rolled out tax relief policies and offered loan interest subsidies to ease financial… Read full this story
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