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China Stocks Extend Gains
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Trading Economics-
The Shanghai Composite rose 0.23% to close at 4,120 on Thursday, while the Shenzhen Component advanced 1.82% to 16,344, extending gains from the previous session as technology stocks resumed their rally following upbeat results from Micron Technology. The chipmaking giant's strong quarterly earnings and robust revenue forecast bolstered expectations of sustained AI-driven demand. Chinese chipmakers and tech firms outperformed, including Cambricon Technologies (3.58%), Hygon Information Technology (6.88%), SMIC (3.52%), Eoptolink Technology (9.94%), and NAURA Technology (3.63%). On the monetary policy front, the People's Bank of China announced that it will introduce overnight reverse repo operations on June 29–30 as part of the next phase of its monetary policy framework reform. The new overnight facility will complement the existing seven-day reverse repo rate of 1.4%, which remains the PBOC's primary policy benchmark.
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