Brushing aside the negative impact of the overnight US stock rout, China’s stock market is making a miraculous turnaround, with the Shanghai Composite stock index rebounding from a low of 2,756 points to close at more than 2,815 points.

China’s yuan also climbed against the US dollar. 

The blue-chip CSI 300 Index rose 0.31 percent to 3,694 points, while the Shanghai Composite Index also gained 0.25 percent to 2,815.8 on Thursday.

The smaller Shenzhen Composite Index was up 0.48 percent at the market’s closing on Thursday. 

The Dow Jones Industrial Average closed 3.05 percent down at 25,479.42 on Wednesday, with a loss of 800.49 points. Wednesday was Dow Jones’ worst daily loss of 2019.

The S&P 500 closed down 2.93 percent. The NASDAQ Composite was down 3.02 percent. 

Observers see the turnaround, which did not adhere to the usual pattern of following a decline in the US market overnight, might be a sign that global investments and hot money are now leaving the weakened and failing US markets in favor of Chinese markets. 

The Chinese stock markets have been hovering at multi-year lows for the past 12 months.