Chinese stocks up in Asia as investors look for cheap, rising stocks

Chinese stocks rallied on Friday as investors looked for cheaper foreign currencies and a return to growth in emerging markets.

Chinese shares rose more than 2% to close at 8,721 yuan ($112.3) an almost 2% gain from a year ago, after falling to a near-record low of 5,812 yuan on Friday.

The benchmark Shanghai Composite Index jumped more than 1.5%, the strongest gains in nearly two weeks.

The Shanghai Composite, the world’s second-largest by market capitalization, has gained more than 18% this year.

Goldman Sachs Group Inc., the largest foreign brokerage, said China would remain a top priority as a source of funds for investors, with demand for commodities and currencies expected to remain high.

Chinese stocks have been gaining since the start of the year amid global uncertainty over the impact of the Paris climate accord.

The government last week announced a new rule that will require investors to register with the state-run China Securities Regulatory Commission to fund domestic investment.

The move has spurred concern that China is using its control of the stock market to boost domestic wealth.

China has been on a buying spree of emerging markets, where the economy has grown by an average of 6.3% since the end of 2015, according to data compiled by Bloomberg.

China is the world second-biggest exporter of oil after the United States, according the U.S. Energy Information Administration.