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China stocks rebounded more than 1 per cent on Thursday, led by resources shares as an overnight tumble in the US dollar eased concerns of yuan depreciation, at least temporarily.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 1.2 per cent to 2,984.76 point, while the Shanghai Composite Index gained 1.6 per cent to 2,781.02 points.
China’s central bank set its official yuan midpoint rate at the strongest level since January 6, after the dollar index fell to its lowest level in three months.
Analysts said the dollar tumble, as well as recent interventions by China’s central bank, have eased fears of further yuan depreciation in the near term. However, the currency is likely to remain under downward pressure as the economy continues to slow.
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