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SHANGHAI: China stocks ended at three-month highs on Thursday as subdued industrial data calmed worries over policy tightening, while some positive signs on Sino-US relations also boosted sentiment.

The blue-chip CSI300 index rose 0.3%, to 5,338.23, its highest closing level since March 3, while the Shanghai Composite Index firmed 0.4% to 3,608.85, its strongest closing since Feb 23.

Analysts and traders said a series of recent soft economic data helped assuage policy tightening fears which had weighed on valuations of equities and risk appetite.

Data showed earnings at China’s industrial firms grew at a slower pace in April, with high commodity prices and weaker performance in the consumer goods sector limiting overall profitability from manufacturing.

“Micro liquidity conditions have improved in the A-share market, with the launch of new mutual funds picking up,” said Yan Kaiwen, an analyst with China Fortune Securities.

So far this week, CSI300 gained 4%, while SSEC advanced 3.5%.

Foreign inflows continued to prop up the market thanks in part to a buoyant yuan touching a three-year high.

Investors on Thursday purchased a net 19.5 billion yuan ($3.06 billion) worth of A-shares through the Stock Connect linking the mainland and Hong Kong, according to Refinitiv data.

The inflows were also partly due to index provider MSCI’s semi-annual review of its China indexes which took effect as of Thursday’s close.

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