Shares rise as convertible yuan gets nearer
Print Edition
SHANGHAI stocks closed higher yesterday after investors were buoyed by China’s central bank announcement that the yuan is getting nearer to full convertibility.
The Shanghai Composite Index gained 0.87 percent to end at 5,166.35 points.
For the week, the barometer increased 2.85 percent.
The People’s Bank of China late Thursday said on its website it is accelerating the yuan’s capital account convertibility to allow domestic and foreign investors to invest, and also enjoy currency exchange, more freely.
The PBOC is also considering allowing Chinese individuals more room under the Qualified Domestic Individual Investors program to do cross-border investments. Currently the QDII and Qualified Foreign Institutional Investors have limited freedom to invest in stocks via a quota system.
The PBOC added the Shanghai-Hong Kong stock connect has been a big step toward yuan convertibility under the capital account. A similar link between Hong Kong and Shenzhen is being planned.
Orient Securities rose 3.67 percent to 39.22 yuan (US$6.32), Everbright Securities gained 2.46 percent to 35.46 yuan, and Sunny Loan Top Co added 2.23 percent to 20.67 yuan.
Investors were also cheered after the State Grid Co, the world’s largest electric utility, yesterday began building three massive hydropower stations in China’s Anhui, Shandong and Henan provinces.
With a total capacity of 3.6 million kilowatts and 21.7 billion yuan in investment, the stations are set to start operation by 2021.
Sichuan Minjiang Hydropower Co rallied by the daily 10 percent limit to 16.05 yuan, Huadian Power International Corp jumped 4.92 percent to 10.02 yuan, and GD Power Development Co rose 1.41 percent to close at 7.19 yuan.
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