China Market rebounds 3.09%

Mainland China stock market rebounded sharply from one year low on Friday, 29 January 2016, as investors chased for bottom fishing among severely beaten down shares after China's top economy official said there is no basis for the yuan to continuously weaken. Risk sentiments received further boost from the People's Bank of China injection of a huge 690 billion yuan this week and assurance to conduct more liquidity operations than usual to avoid liquidity crunch ahead of the Lunar New Year celebrations. The Shanghai Composite Index ended up 3.09%, or 81.94 points, at 2737.60. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, grew 92.33 points, or 3.24%, to 2946.09. For January, both indexes are poised to lose over 20%, their biggest monthly decline since the 2008-09 global financial crises.

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