NEW YORK - Global stock markets rallied and China’s yuan posted its biggest gain since December on Monday as investors bet the Chinese economy would boost global growth even as surging coronavirus cases delayed business re-openings across the United States.
A Chinese economic revival bodes well for Australia and Europe, which count Beijing as their biggest trading partner. “The only caveat is that China’s economy is not driven purely by free-market forces. But if regulators in China are engineering a stronger equity market, it can still feed through to the rest of the world.”
Chinese blue chips jumped 5.7% on top of a 7% gain last week to their highest in five years. Even Japan’s Nikkei, which has lagged due to a soft domestic economy, rose 1.8%. A slew of upbeat U.S. data, including a record rise in June payrolls last week, has powered the Nasdaq to fresh all-time highs and lifted stock markets around the world on recovery hopes.
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