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China: Stocks rebound as leaders try to ease Brexit fears
[SHANGHAI] China stocks rebounded to a three-week closing high on Tuesday, led by small-caps, as the country's leaders sought to calm investors rattled by Britain's vote to leave the European Union.
The blue-chip CSI300 index rose 0.5 per cent to 3,136.40 points, while the Shanghai Composite Index gained 0.6 per cent to 2,912.56.
China's strict capital controls have helped shield Chinese stocks from the worst of the global market turmoil which was triggered by the Brexit vote on Thursday, but confidence remains shaky.
Premier Li Keqiang sought to reassure nervous investors on Tuesday. "It's hard to avoid short-term volatility in China's capital markets, but we won't allow roller-coaster rides and drastic changes in the capital markets," said Li, speaking at the World Economic Forum in the city of Tianjin.
The People's Bank of China said late on Monday that the country's debt and financial risks were under control, although it pointed out the country's listed companies face growing operational pressure.
Most sectors rose. Shenzhen's start-up board ChiNext rose 1.2 per cent.