China Stocks Climb After Xi-Trump Call
Chinese stocks gained on Monday, with the Shanghai Composite up 0.7% above 3,260 and the Shenzhen Component climbing 1.3% to 10,293. The rally extended gains from last week following a positive phone call between Xi Jinping and Donald Trump on Friday, which raised optimism about easing tensions between the two nations.
The leaders discussed various topics, including trade, TikTok, and fentanyl. Meanwhile, the People’s Bank of China kept its loan prime rates unchanged for the third consecutive month in January, as a weakening yuan limited the central bank's ability to ease policy further.
However, state media reported last week that the PBOC may reduce the reserve requirement ratio for banks ahead of the Spring Festival later this month. Notable gains were seen among major companies, including East Money (+1.2%), Contemporary Amperex (+3.6%), and Shenzhen Woer (+10%).
Source : Trading Economics