The rebounding Chinese stock market has not seen this fast an upsurge of the quotation rate since 2008.
Chinese market dramatically declined over the past month, losing more than 30 percent, or about $3 trillion. The government implemented a package of supportive measures to stem the decline.
Authorities froze the sale of shares of those owning over than 5 percent of a company and established a $20-billion fund for the country’s largest brokerage firms to buy stocks. The Ministry of Public Security initiated an inquiry about possible machinations of the stock market, and the central bank lowered interest rates and the reserve requirement ratio.
Together, the stock exchanges of Shenzhen, Hong Kong and Shanghai are the second largest in the world after the United States stock exchange, with a capitalization of about $9.5 trillion.