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Market Update: Chinese Shares Close at 3-Month Highs
The Shanghai Composite Index added 11.92 points or 0.33% to a 3-month high of 3593.26 on Wednesday, extending a surge of 2.44% in the previous session amid record foreign purchases, as investors piled into stocks amid a stronger Yuan and attempts by policymakers to contain surging commodities prices. Traders also cheered news that a US court has removed Chinas Xiaomis designation as a Communist Chinese Military Company while lifting all restrictions on Americans buying its stock. Meantime, China’s Commercial Bank of China said its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs. In Hong Kong, the Hang Seng Index added 238.51 points or 0.82% to 29149.37, extending gains of 1.67% yesterday. [/s2If]
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