Chinese Stocks Rebound as PBOC Reinforces Support for Market

-- Chinese stocks advanced on Friday following a slew of positive headlines from the central bank, which reinforced its determination to support the market.The CSI 300 Index gained as much as 3.7%, rebounding from a three-day loss, with chip shares the top performers. A gauge of Chinese stocks listed in Hong Kong also rose more than 3%.

The developments provided a welcome relief for investors, who have been clamoring for more policy support after the rally lost momentum. Fresh data released Friday showed authorities need to accelerate the stimulus implementation to reach the annual growth target, with economic expansion slowing in the third quarter.

Views are increasingly diverging on whether investors should chase the rally at this stage. Li Bei, founder of Shanghai Banxia Investment Management Center, wrote in a WeChat post earlier this week that now is the time for retail investors to buy stocks. That’s despite caution from the likes of Morgan Stanley Wealth Management that the stimulus measures aren’t enough to repair the struggling economy.

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