Chinese markets rally on report Beijing considering £222bn state rescue plan

News Snapshot:

Chinese markets have lifted following a report suggesting that Beijing policymakers are scrambling to mobilise billions of yuan from state-owned enterprises to reverse a recent share rout. The benchmark CSI 300 index, which replicates the top 300 stocks traded on the Shanghai and the Shenzhen bourses, had fallen to a five-year low, while the Hang Seng China Enterprises Index, which tracks Chinese stocks traded in Hong Kong, had dropped to its lowest in nearly two decades. However, Chinese indexes recovered slightly on Tuesday after Bloomberg reported that the authorities were considering mobilising around 2tn yuan ($281bn or £222bn) from the...