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Shares drop after central bank announces reverse rate hike
By Feng Jianmin |
June 15, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session after the central bank asked banks to put aside more money from lending after the market closed yesterday.
The benchmark Shanghai Composite Index lost 0.49 percent to 2,716.80 points. Turnover fell to 49.4 billion yuan (US$ 7.6 billion) from yesterday morning's 53.8 billion yuan.
The sixth increase of reserve requirement ratio this year will take effect next Monday, and commercial banks will have to set aside a record 21.5 percent of their funds at the central bank, making less money available for lending.
The central bank said in a report yesterday that it will make more efforts to stablize prices and create better a monetary environment to tame inflation and control the property market.
Banks led the decliners. Agricultural Bank of China lost 0.4 percent to 2.72 yuan. Pudong Development Bank dropped 2 percent to 0.72 yuan.
Property developers were weak. China Vanke lost 1.2 percent 8.07 yuan. Gemedale Corp fell 1.6 percent to 6.09 yuan.
The benchmark Shanghai Composite Index lost 0.49 percent to 2,716.80 points. Turnover fell to 49.4 billion yuan (US$ 7.6 billion) from yesterday morning's 53.8 billion yuan.
The sixth increase of reserve requirement ratio this year will take effect next Monday, and commercial banks will have to set aside a record 21.5 percent of their funds at the central bank, making less money available for lending.
The central bank said in a report yesterday that it will make more efforts to stablize prices and create better a monetary environment to tame inflation and control the property market.
Banks led the decliners. Agricultural Bank of China lost 0.4 percent to 2.72 yuan. Pudong Development Bank dropped 2 percent to 0.72 yuan.
Property developers were weak. China Vanke lost 1.2 percent 8.07 yuan. Gemedale Corp fell 1.6 percent to 6.09 yuan.
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