Chinese Stock Market And Currency Surges On Positive Data

Access To Financial Markets Made Easy • Oct 9, 2020 at 3:58 AM EDT

Mainland Chinese stocks have surged higher in the Asia session as traders returned from holidays to positive economic data.

Mainland Chinese stocks have surged higher in the Asia session as traders returned from holidays to positive economic data. A private survey showed that China's services sector continued to expand in September. The Caixin/Markit Services PMI (Purchasing Managers Index) recorded a 54.8 reading - well above the 50 level, which is defined as a sector in expansion.

Chinese stock market and currency surges on positive data

China's currency also jumped on the news, marking its biggest move in four and a half years. The onshore renminbi jumped more than 1.2 per cent in early trading, after the lengthy National Day holiday which started on 30 September. Analysts have highlighted that the world's second-biggest economy seems to be recovering well after the coronavirus pandemic.

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