Shanghai Composite up 1.8%
China released a long-anticipated plan that will cut personal taxes. It will allow for deductions on interest payments on mortgages, deductions for education and deductions for caring for dependent parents and will take effect Jan 1.
The breadth of the plan was a surprise and could help spur consumption and revere the brutal decline in Chinese equity markets while providing a buffer in the trade war.
There are hopes for policy support for exports, consumption and investment as well.
As for markets, on the weekend President Xi promised "unwavering" support for firms.
Note the bullish engulfing candle on Friday after the coordinated commentary in support of the market from officials.
Update: Gains extend to 2.2%
