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Shanghai shares rebound to nearly a 3-month high
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Shanghai stocks rose to the highest level in nearly three months as the city’s free trade zone-related shares surged on the news that the government has set a timetable for financial reforms in the zone.
The benchmark Shanghai Composite Index gained 1.27 percent to 2,250.83 points by the noon break.
Shanghai will implement liberalized financial policies in the free trade zone in one year and will promote economic development with greater opening, Zhang Xin, chief of the Shanghai headquarters of the People’s Bank of China, said in a statement yesterday.
The central bank unveiled a raft of financial policies for the zone on Monday, outlining 30 measures to facilitate cross-border investment and transaction.
Shanghai Waigaoqiao Free Trade Zone Development Co Ltd surged by the daily limit of 10 percent to 38.15 yuan. Shanghai International Port Co Ltd also jumped 10 percent to 5.04 yuan.
Agriculture-related shares also gained on hopes that the government will soon offer subsidies to support ecological development of the sector.
Heilongjiang Agriculture Co Ltd advanced 2.6 percent to 13.48 yuan. Zhongken Agricultural Resource Development Co Ltd added 1.8 percent to 9.01 yuan.
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