Related News
Shanghai shares rise on pledges to increase yuan flexibility
By Feng Jianmin |
June 21, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks rose on stronger property and financial sectors after the central bank pledged to increase the yuan's flexibility gradually.
The benchmark Shanghai Composite Index jumped 1.96 percent, or 49.14 points, to close at 2,562.36. Turnover was 37.5 billion yuan (US$5.49 billion). More than 75 percent of the stocks gained.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 1.5 percent to 1,026.73 points.
The People's Bank of China said on Sunday that it will keep the yuan basically stable and manage its exchange rate based on the floating bands announced in the interbank foreign exchange market.
"The reform of exchange rate may help to damp inflation and ease pressure to increase interest rates," according to a note from Guosen Securities. "And it may further encourage economic transformation from exports to service industries with high added values."
China Vanke grew 2.55 percent to 7.25 yuan. Suning Universal Co climbed 4.74 percent to 9.95 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co increased 3.34 percent to 18.88 yuan.
Bank of China rose 1.72 percent to 3.55 yuan. Industrial and Commercial Bank of China advanced 2.4 percent to 4.27 yuan. China Construction Bank went up 1.87 percent to 4.89 yuan.
China Life Insurance Co, the country's largest life insurance company, ascended 4.54 percent to 25.09 yuan. China Pacific Insurance (Group) Co soared 7 percent to 22.72 yuan. Ping An Insurance (Group) Co gained 4.72 percent to 47.05 yuan.
Air carriers gained after Civil Aviation Administration of China reported that domestic carriers yielded a profit of 1.23 billion yuan in May. China Eastern Airlines Corp jumped 5.06 percent to 7.89 yuan. Air China hiked 5.26 percent to 11.60 yuan.
The benchmark Shanghai Composite Index jumped 1.96 percent, or 49.14 points, to close at 2,562.36. Turnover was 37.5 billion yuan (US$5.49 billion). More than 75 percent of the stocks gained.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 1.5 percent to 1,026.73 points.
The People's Bank of China said on Sunday that it will keep the yuan basically stable and manage its exchange rate based on the floating bands announced in the interbank foreign exchange market.
"The reform of exchange rate may help to damp inflation and ease pressure to increase interest rates," according to a note from Guosen Securities. "And it may further encourage economic transformation from exports to service industries with high added values."
China Vanke grew 2.55 percent to 7.25 yuan. Suning Universal Co climbed 4.74 percent to 9.95 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co increased 3.34 percent to 18.88 yuan.
Bank of China rose 1.72 percent to 3.55 yuan. Industrial and Commercial Bank of China advanced 2.4 percent to 4.27 yuan. China Construction Bank went up 1.87 percent to 4.89 yuan.
China Life Insurance Co, the country's largest life insurance company, ascended 4.54 percent to 25.09 yuan. China Pacific Insurance (Group) Co soared 7 percent to 22.72 yuan. Ping An Insurance (Group) Co gained 4.72 percent to 47.05 yuan.
Air carriers gained after Civil Aviation Administration of China reported that domestic carriers yielded a profit of 1.23 billion yuan in May. China Eastern Airlines Corp jumped 5.06 percent to 7.89 yuan. Air China hiked 5.26 percent to 11.60 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
