Related News
Index rises the most in 2 months
By Feng Jianmin |
December 14, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S stock index jumped the most in nearly two months yesterday after China vowed to maintain stable economic growth next year while the market also got a lift from the central bank not imposing another hike in interest rate at the weekend.
The Shanghai Composite Index rose 2.9 percent, the biggest gain since October 15, to close at 2,922.95. Turnover jumped to 160 billion yuan (US$24 billion) from 98.2 billion yuan last Friday.
During the annual economic planning meeting over the weekend, the Chinese government pledged to maintain a flexible, proactive and prudent policy while it keeps a balance between rapid growth and stability, according to a statement.
Investor worries about an increase in interest rate was partly eased by the People's Bank of China's order last Friday to raise the reserve requirement ratio for all commercial banks to 18.5 percent - the third time in five weeks.
On the heels of the industry-wide decision, the PBOC also extended a selective rise in the reserve ratio for six major Chinese banks for another three months after an initial two-month period. The ratio for Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China, China Merchants Bank and China Minsheng Banking Corp will hit a record high of 19 percent.
Resource producers gained after commodity prices rose on hopes demand would lift on China's positive economic outlook. PetroChina, the index's largest heavyweight, jumped 4.4 percent to 11.95 yuan. Jiangxi Copper Co, China's largest copper producer, rose by the daily limit of 10 percent to 41.42 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
