FX.co ★ China Stocks Rebound as Beijing Steps Up Market Support

The Shanghai Composite inched up to around 3,609 on Wednesday, while the Shenzhen Component gained 0.6% to 10,942, rebounding from the prior session as Beijing expanded its share buyback and relending facilities. The PBoC said applications for its stock-purchase loan program have exceeded 200 billion yuan ($30 billion), reflecting a rapid market response to a recent regulatory meeting aimed at streamlining buyback financing. These forceful policy measures highlight Beijing’s determination to stabilize the equity market against the backdrop of weak consumer demand, a sluggish broader economy, and a severe property downturn.

On the data front, a private survey showed the Composite PMI slipped to a three-month low of 52 in October from 52.4 in September. The Manufacturing PMI edged down to 52 from 52.1, while the Services PMI fell to a three-month low of 50.8 from 51.6.

Gains were broad-based across major names, led by WuXi AppTec (up 3.9%), NAURA Technology (2.5%), and Foxconn Industrial Internet (2%).