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Chinese stocks stage record rally as Beijing moves to calm markets

Comeback continues in New York after Hang Seng has largest gain since 2008

Shares of video-sharing platform Bilibili rallied on March 16 as Chinese stocks rebounded from a multi-day selloff.   © Reuters

HONG KONG/NEW YORK -- Chinese stocks mounted a record rally Wednesday after Beijing said it would move to stabilize markets and the economy, sending Hong Kong's benchmark index to its biggest gain since the 2008 financial crisis.

The surge continued in New York. Online retailer was up 28% around 10:30 a.m. local time, while Alibaba gained 21%. Internet service provider Baidu saw a 24% rise and fast-food chain holding company Yum China climbed 7%. Electric vehicle maker Nio saw an increase of 17%.

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