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Record cash injection lift Shanghai stocks
By Ye Zhen |
September 28, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks advanced this morning after the central bank injected a record amount of liquidity into the money market this week to ease a cash crunch ahead of the week-long National Day holiday.
The benchmark Shanghai Composite Index gained 1.01 percent, or 20.68 points, to 2,077 points. Turnover stood at 32.3 billion yuan (US$5.1 billion) by the noon break.
The People's Bank of China, the central bank, yesterday injected 50 billion yuan into the country's financial system through 14-day reverse repurchase agreements and an additional 130 billion yuan via 28-day agreements -- two days after it released 290 billion yuan via reverse repo operations.
Excluding matured agreements and bills, a total of 365 billion yuan of cash has been put into circulation though open market operations this week, the biggest weekly injection on record.
The effect of such a massive cash injection is almost equal to that of a 0.5 percentage cut in required reserve ratio and helped to ease tight liquidity ahead of the holiday, analysts said.
Gold miners led the gains after gold future for December delivery rose 1.5 percent to a seven-month high. Zijin Mining Group Co, the nation's largest gold producer, increased 4.9 percent to 4.05 yuan. Shandong Gold Mining Co climbed 4.1 percent to 41.84 yuan. Zhongjin Gold Corp jumped 5.3 percent to 18.23 yuan.
Property developers also advanced. China Vanke, the nation's biggest developer, added 0.9 percent to 8.28 yuan. Poly Real Estate, the second largest developer, rose 2.4 percent to 10.59 yuan. Gemdale Corporation increased 2.7 percent to 4.98 yuan.
The benchmark Shanghai Composite Index gained 1.01 percent, or 20.68 points, to 2,077 points. Turnover stood at 32.3 billion yuan (US$5.1 billion) by the noon break.
The People's Bank of China, the central bank, yesterday injected 50 billion yuan into the country's financial system through 14-day reverse repurchase agreements and an additional 130 billion yuan via 28-day agreements -- two days after it released 290 billion yuan via reverse repo operations.
Excluding matured agreements and bills, a total of 365 billion yuan of cash has been put into circulation though open market operations this week, the biggest weekly injection on record.
The effect of such a massive cash injection is almost equal to that of a 0.5 percentage cut in required reserve ratio and helped to ease tight liquidity ahead of the holiday, analysts said.
Gold miners led the gains after gold future for December delivery rose 1.5 percent to a seven-month high. Zijin Mining Group Co, the nation's largest gold producer, increased 4.9 percent to 4.05 yuan. Shandong Gold Mining Co climbed 4.1 percent to 41.84 yuan. Zhongjin Gold Corp jumped 5.3 percent to 18.23 yuan.
Property developers also advanced. China Vanke, the nation's biggest developer, added 0.9 percent to 8.28 yuan. Poly Real Estate, the second largest developer, rose 2.4 percent to 10.59 yuan. Gemdale Corporation increased 2.7 percent to 4.98 yuan.
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