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Financial and mining chips lead decline in Shanghai
By Lydia Chen |
January 28, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock index eased this morning as financials and mining-related shares fell.
The Shanghai Composite Index lost 0.19 percent to 2,743.83. Turnover declined to 54.51 billion yuan (US$8.28 billion) from yesterday morning's 63.45 billion yuan.
Industrial and Commercial Bank of China, the country's biggest lender, was down 0.47 percent to 4.22 yuan. Huaxia Bank decreased 2.30 percent to 11.06 yuan.
Zhou Xiaochuan, the governor of the People's Bank of China, told a forum that China will continue to lift the reserve requirement ratio to sterilize capital inflows despite that it is already at a high level.
The central bank's latest reserve requirement increase took effect last Thursday. The 50 basis point adjustment removed nearly 400 billion yuan in inter-bank liquidity, taking the ratio for large banks up to a record 19 percent.
Zhou also said that liquidity can be controlled via credit growth as that will lead to a reduction in the money multiplier.
Gold producers tumbled as the metal shrank to the lowest price in almost four months, set for a fourth weekly loss.
Zhongjin Gold Co edged lower by 1.77 percent to 33.35 yuan while Zijin Mining Group Co shed 0.87 percent to 6.85 yuan.
The Shanghai Composite Index lost 0.19 percent to 2,743.83. Turnover declined to 54.51 billion yuan (US$8.28 billion) from yesterday morning's 63.45 billion yuan.
Industrial and Commercial Bank of China, the country's biggest lender, was down 0.47 percent to 4.22 yuan. Huaxia Bank decreased 2.30 percent to 11.06 yuan.
Zhou Xiaochuan, the governor of the People's Bank of China, told a forum that China will continue to lift the reserve requirement ratio to sterilize capital inflows despite that it is already at a high level.
The central bank's latest reserve requirement increase took effect last Thursday. The 50 basis point adjustment removed nearly 400 billion yuan in inter-bank liquidity, taking the ratio for large banks up to a record 19 percent.
Zhou also said that liquidity can be controlled via credit growth as that will lead to a reduction in the money multiplier.
Gold producers tumbled as the metal shrank to the lowest price in almost four months, set for a fourth weekly loss.
Zhongjin Gold Co edged lower by 1.77 percent to 33.35 yuan while Zijin Mining Group Co shed 0.87 percent to 6.85 yuan.
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