Related News
Shares post 1st weekly gain in a month
Print Edition
SHANGHAI stocks yesterday closed in the first weekly advance in a month amid rising offshore yuan rate and more signs of economic stimulus.
The Shanghai Composite Index edged up 0.07 percent to close at 3,200.23 points. For the week, the gauge gained 1.27 percent.
On Thursday afternoon a surge of buying lifted the yuan’s offshore rate by over 1 percent, with analysts attributing the purchases to Chinese state-owned banks trying to squash speculation against the currency.
Analysts said the move also showed the Chinese government was trying to restore confidence in the yuan in global markets.
Since last month’s devaluation, the government has been trying to stabilize the yuan, such as by depleting the country’s foreign exchange reserves by a record amount in August to steady the onshore rate.
“China’s economy will not see a hard landing,” Premier Li Keqiang assured the World Economic Forum in Dalian. “Once there are signs of the economy slipping out of the equitable range, China will be fully capable of handling the situation.”
Shanghai companies soared as data showed new company registration rose in the free trade zone in August.
Shanghai Waigaoqiao Free Trade Zone Development Co and Shanghai Jinqiao Export Processing Zone Development Co rose by the daily 10 percent limit to 28.25 yuan (US$4.43) and 22.99 yuan. Shanghai Zhangjiang High-Tech Park Development Co jumped 9.02 percent to 21.51 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.
