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Recovery in Chinese stocks

A late flourish has seen shares in China earn more than 2.5 per cent after record losses on Monday.Yesterday the benchmark Shanghai index was down 8.3 per cent as firms sold off stock in light of Beijing's continued plans to cool its markets.But despite having lost more than seven per cent at one point today, shares bounced back to earn 2.63 per cent at close of trading.The Chinese government has taken several moves to allay fears of its economy overheating; recently tripling tax on stock trades to 0.3 per cent.But this month's volatile trading has not been mirrored elsewhere in the world as was the case earlier this year."What happens to the Chinese market really does not have major implications for the west, nor for the other emerging nations," Michael Metz of investment firm Oppenheimer and Co said."It may be just as it was in February, a blip in that market, but no real ramifications for the rest of the world."The Shanghai index has grown by almost 50 per cent in the last year.

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