Rates cut helps stocks rise
Print Edition
SHANGHAI stocks rose yesterday after China’s central bank cut interest rates for the second time in three months as it tries to boost the world’s second-largest economy.
The Shanghai Composite Index rose 0.78 percent to 3,336.28 points.
On Saturday, the People’s Bank of China cut interest rates by 25 basis points after a similar move in late November. Last month, the central bank also lowered the percentage of funds banks must hold in reserve to try to boost lending.
Companies involved in environment protection led gains on hopes the government will make more efforts to combat pollution after a documentary on China’s air pollution, produced by former China Central Television journalist Chai Jing and released online over the weekend, drew millions of viewers.
Fujian Longking and Zhejiang Feida Environmental Science & Technology both surged by the daily 10 percent limit to 39.33 yuan (US$6.27) and 17.12 yuan, while Tianjin Capital Environmental Protection jumped 7.99 percent to 12.70 yuan.
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