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
- 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.
