Monday, June 15, 2015

China's stock market is now worth over $10 trillion

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The Shanghai Stock Exchange had a total market cap of $5.9 trillion while the Shenzhen Stock Exchange clocked in at $4.4 trillion, according to the World Federation of Exchanges.

there's at least $10.3 trillion floating in China's stock market right now, as both stocks in Shanghai and Shenzhen have surged further in June.

China's stock market has rocketed this year to astonishing new highs. The benchmark Shanghai Composite is up nearly 60% since Jan. 1, and the Shenzhen Composite has jumped by 120%, easily making it the world's best-performing market.

The crazy rise has pushed the Shanghai Stock Exchange up the ranks to become the world's third-biggest by market cap, behind the New York Stock Exchange at nearly $20 trillion and Nasdaq at $7 trillion.

Markets have spiked despite slowing economic growth in China -- first quarter GDP came in at 7%, the worst since the financial crisis. Still, investors remain optimistic that Beijing will step in to support the flailing economy.

The central bank has already taken some steps, announcing interest rate cuts and lowering the amount of cash banks must keep on reserve -- a move meant to help the economy by freeing up money for loans. Economists expect the government to do more in coming months.

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