Chinese stocks rebounded Tuesday following reports of China and the US hosting a summit between its two leaders.
The Shanghai Composite Index, the main gauge of Chinese stocks, gained 0.41% or by 13.67 points to 3,379.83. The Shenzhen Component Index rose 0.33% or by 35.46 points to 10,861.16.
China and the US are looking to host a "birthday summit" between Presidents Xi Jinping and Donald Trump in June in the US during their birth month in June, according to the Wall Street Journal.
Meanwhile, Citi revised upward its gross domestic product forecast for China to 4.7% from 4.5% in 2025 partly due to artificial intelligence investment, Reuters reported Tuesday, citing Dirk Willer, Citi's global head of macro, asset allocation and emerging market strategy.
The People's Bank of China eased the daily reference rate for the renminbi amid sings of US recession following the tariffs imposed by the Trump administration.
Renminbi-dollar fixing fell to 675 pips from 1,500 pips in January, Bloomberg News reported.
On the corporate front, digital store company Hanshow (SHE:301275) closed 143% higher during its first trading day in Shenzhen while aluminum products manufacturer Yong Jie New Material (SHA:603271) closed 124% higher during its debut in Shanghai.
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