Chinese stocks surged on Friday as rumors continued to circulate on social media that the country plans to scale back COVID-related restrictions, even as government officials downplayed the possibility of such a move.
China’s blue-chip Shanghai Shenzhen CSI 300 index surged 2.7%, while the Shanghai Composite index jumped 2.1%, both trading around three-week highs.
Hong Kong stocks were also caught up in the buying spree, with the Hang Seng index rallying nearly 5.5%.
The latest rumors also suggest that the reopening will happen sooner than the initially speculated timeline of March 2023.
These came after an unverified note being circulated earlier this week suggested that the Chinese government was forming a special committee to consider the scaling back of its zero-COVID policy, which will entail the reduction of testing, quarantine periods, and the eventual opening of borders.
But Chinese authorities denied that such a move was in the works.
Source: Investing.com
#China #HongKong