Related News
Shanghai shares up 0.62% on PBOC boss鈥檚 comment
Online Edition
Shanghai stocks recovered today on central bank governor’s comment on yuan’s flexibility, interest rate liberalization and capital market reform.
The benchmark Shanghai Composite Index edged up 0.62 percent, or 13.49 points, to 2,206.61. Daily turnover stood at 104.8 billion yuan (US$17.2 billion).
China’s central bank will phase out its intervention in foreign exchange trading and widen the band of yuan trading in an “orderly” manner to increase yuan’s flexibility, Zhou Xiaochuan, governor of the People’s Bank of China, wrote in a guidebook on reforms.
Zhou proposed to further increase investment quotas under the Qualified Domestic Institutional Investors and Qualified Foreign Institutional Investor programs and to cancel approval processes for the two programs when conditions are right.
Zhang Zhiwei, chief economist for China at Nomura Holdings Inc, said the points highlighted by Zhou suggest that financial reform will be the first of a long list of pledged reforms to get under way.
“We do see some reforms starting quite soon, such as widening yuan’s trading band, expanding QFII and QDII, letting the market to set prices of government bonds, and establishing a deposit insurance scheme,” said Zhang.
The government will lift its control over deposit interest rates when conditions are ripe, Hu Xiaolian, deputy governor of the PBOC, told a financial forum today.
Most financial institutions gained today. Ping An Insurance (Group) Company inched up 0.5 percent to 41 yuan. CITIC Securities climbed 0.6 percent to 12.83 yuan.
Some lenders declined amid concerns that interest rate liberalization may squeeze their profit margins. Industrial Bank Co lost 0.36 percent to 11.17 yuan. China Merchants Bank Co fell 0.6 percent to 10.95 yuan.
Aerospace industry gained the most today as China Galaxy Securities said defense-related shares will benefit from the reform plan that emphasizes national security.
Xi'an Aero-Engine Plc surged by the daily limit of 10 percent to 20.22 yuan. China Aerospace Times Electronics Co jumped 6.8 percent to 9.44 yuan. China Spacesat Co advanced 5.1 percent to 18.84 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.
