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Banks pull shares up as ratio rules to ease
Print Edition
SHANGHAI stocks climbed to a four-year high yesterday, led by banks, which will benefit from a government plan to relax rules on the loan-to-deposit ratio.
The Shanghai Composite Index rose 1.31 percent to 3,061.02 points, the highest since November 11, 2010, when the barometer hit 3,147.74.
Commercial banks responded positively to a reform which may tremendously ease how the loan-to-deposit ratio, which measures the proportion of a bank’s outstanding loans to its deposits, is calculated. The reform aims to give banks more flexibility during unexpected market changes and ease capital pressure on companies.
China Minsheng Bank rose 9.99 percent to 9.47 yuan (US$1.53), China CITIC Bank jumped 9.97 percent to 7.17 yuan, the Bank of Nanjing gained 9.59 percent to 15.08 yuan, and Hua Xia Bank added 7.49 percent to 12.06 yuan.
China Minsheng Bank said the market is calling for a cut in the reserve requirement ratio.
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