China’s stock market is now 3rd, after US and Japan

BEIJING: China has become the world’s third largest stock market, the country’s securities regulator said on Saturday.

According to the China Securities Regulatory Commission, the total market value of the Shanghai and Shenzhen markets hit $3.07 trillion as of the end of May. The total market value so far was up 393.76% compared to the 2003 level, Xinhua news agency reports.

The United States has two of the top three exchanges based on market value. The New York Stock Exchange (NYSE) is the largest exchange by far with a market value of $9.57 trillion, while NASDAQ exchange has a market value of $2.77 trillion.

Japan’s Tokyo Stock Exchange is the second largest stock market with a market value of $3.1 trillion.

In Europe, Euronext is the largest with a market value of $2.26 trillion, followed closely by the London Stock Exchange with a market value of 2.2 trillion dollars.

This report of China’s stock market came even as, US treasury secretary Timothy Geithner welcomed China’s exchange rate flexibility move on Saturday, which he said would make a “positive contribution” to global growth once implemented.