Optimism that Chinese investment will squelch the spread of sovereign default contagion sent stocks shooting to their best levels of the day by the close of trading.
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Although decades of double-digit growth have instilled widespread optimism in Chinese people (a recent survey by Economic Intelligent Unit indicates that 91 percent are optimistic about the future), many of them are also living under extreme anxiety.
American officials are talking up the prospect for success, although Chinese statements hardly justify their optimism.
Expectations that Chinese companies will regain some of their pricing power this year, optimism about U.S. demand and the further opening of Chinese capital markets to foreign central banks are among the current drivers for these funds.
At the moment, estimates have a sky-is-no-limit feel to them, and the optimism is not just limited to the Chinese.
Most of the business figures profess optimism for Hong Kong after it reverts to Chinese sovereignty in 1997.
From a medium-term perspective, while slowing external demand and rising domestic production costs will continue to pose headwinds for Chinese exports, some encouraging developments lead to the ongoing optimism on China, even if it is more subdued.
The reasons for optimism have been sound, from a turn-around in the Chinese economy to the US housing recovery gaining steam.
Chinese capital and access to its home markets is once again giving the city some optimism after unemployment spiked to 14% early this year.
In Asia, stocks across the region climbed after Chinese data showed the economy expanded 7.9% in the fourth quarter from a year earlier, fueling optimism that the worst may be over for the world's No. 2 economy.
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