China stocks surge on audit, COVID restrictions hopes

Country Garden Services Holdings

04/11/2022 05:24

SINGAPORE, Nov 4 (Reuters) - Chinese stocks soared on
Friday with Hong Kong's Hang Seng within reach of its best week
in a decade, while the yuan jumped on reports of early progress
in U.S. checks on Chinese company audits and hopes for COVID
restrictions to be relaxed.
    Bloomberg News reported initial U.S. inspections of Chinese
company audits finished ahead of time, citing people familiar
with the situation, raising hopes that they were satisfied.
    The Hang Seng  .HSI  surged either side of the midday break
and was last up 7.4%, headed for an 11% weekly gain. Tech giants
with U.S. listings led the charge, driving the Hang Seng Tech
index  .HSTECH  up 11%.
    Online giants JD.com  9618.HK  and Alibaba  9988.HK  rose
more than 15%.
    On the mainland, the Shanghai Composite  .SSEC  rose 2.7%
and is heading for a 5.6% weekly gain. The blue-chip CSI300
 .CSI300  was up 3.7% on Friday and 6.8% on the week.
    The yuan  CNY=CFXS  rose about 0.9% to 7.2410 per dollar,
despite broad dollar gains elsewhere.
 (Reporting by Tom Westbrook. Editing by Sam Holmes)
 ((tom.westbrook@tr.com; +65 6973 8284;))