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June 9, 2017

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Funds boost lifts shares

SHANGHAI shares rose for a third day yesterday as investor sentiment was lifted by China’s central bank’s move to inject funds into the market.

The Shanghai Composite Index gained 0.32 percent to close at 3,150.33 points following the People’s Bank of China’s injection of 150 million yuan (US$22 million) via reverse repurchase agreements.

The injection showed “the government’s determination to ensure liquidity,” said Ren Zeping, chief analyst at Guotai Junan Securities.

The PBOC yesterday also issued a five-year (2016-2020) financial development plan for four departments, which highlighted measures to prevent risks and offer policy incentives to bolster the financial industry.

Insurers led gainers, with Ping An Insurance Company gaining 3.57 percent to 47.62 yuan, and New China Life Insurance Co added 2.55 percent to 51.79 yuan.


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