Business Insider Australia / Getty Images


Chinese stocks have opened Friday’s session sharply higher.

After five minutes of trade the benchmark Shanghai Composite index sits at 3132.76, an increase of 1.59%.

Elsewhere the CSI 300 and 500 indices, comprising the 300 and 500-largest listed firms by market capitalisation in Shanghai and Shenzhen, are higher by 1.36% and 1.77% respectively.

The gains today follow an amazing late rally in Chinese stocks on Thursday which saw the index stage a 6.11% turnaround in the space of just 46 minutes.

Government buying was thought to have been responsible.

On top of the suspected government involvement yesterday, there are rumours circulating this morning that the China Securities Financing Corporation, the agency responsible for arranging margin financing to purchase Chinese stocks, is looking to raise 1.4 trillion yuan in funding in order to facilitate yet another stock market rescue.

As reported by Business Insider