China stocks join Asian market rally after dovish Fed signals
China stocks rose on Thursday, joining a rally in broader Asian markets, after the U.S. Federal Reserve pledged to be patient with further interest rate hikes, signalling a potential end to its tightening cycle amid signs of slowing global growth.
The blue-chip CSI300 index rose 1.1 percent, to 3,201.63, while the Shanghai Composite Index gained 0.4 percent to 2,584.57 points.
But Shenzhen’s start-up board ChiNext dipped 0.2 percent, after the China Securities Regulatory Commission published draft rules for a new tech board in Shanghai on Wednesday evening. The so-called technology innovation board will mainly host companies in technology and emerging sectors, such as high-tech equipment manufacturing, new energy, biotechnology, big data and cloud computing.
The CSI300 financial sector sub-index was higher by 1.86 percent, and the healthcare sub-index was up 0.19 percent.
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