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Strong M2 data lifts China stocks

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forecast1 January 9, 2012 (Chinavestor) Hopes that China will cut reserve ratios for banks lifted investor sentiment in China on Monday. China's money supply and lending data for December was stronger than expected, a clear sign that Chinese policy makers are easing on monetary policy and preparing the country for a soft landing. The Shanghai Composite Index (SHA:000001) surged 62.5 points or 2.8%, the most in over three months. Similarly to the mainland, China stocks pulled the Hang Seng Index (INDEXHANGSENG:.HSI) higher for the day. The Hang Seng China Enterprises Index (INDEXHANGSWENG:.HSCEI), measuring the performance of Chinese stocks listed in Hong Kong, surged 2.39%, twice as much as the broad Hang Seng Index (INDEXHANGSNG:.HSI). Coal and commodity stocks led the rally in both markets on hopes that China's soft landing will increase demand. China Shenua Energy (HKG:1088), China's largest coal miner, rose 4.7% while Yanzhou Coal Mining (HKG:1171) advanced 4.9%. Shares of Aluminum Corp. of China (HKG:2600) and China Eastern Airlines (HKG:0670) outperformed the broad index as well. Jiangxi Copper (HKG:0358), China's largest producer of the metal, surged 4.0% along with Jinduicheng Molybdenum (SHA:601958). The rally was not only sharp in Shanghai but universal. Each and every stock among the 50 largest components of the Shanghai Composite Index (SHA:000001) rose for the day. And while the rally was less broad among components of the Hang Seng Index (INDEXHANGSENG:.HSI), mainland China stocks listed in Hong Kong surged universally. All but one component of the Xinhua 25 China Index rose, boding well for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI).

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