Shares rise as liquidity improves
Print Edition
SHANGHAI stocks ended a four-day losing streak yesterday as liquidity conditions improved after China’s central bank injected cash to the financial market for a fourth straight week.
The Shanghai Composite Index rose 0.79 percent to 2,040.88 points.
The People’s Bank of China yesterday drained 40 billion yuan (US$6.4 billion) from the banking system via 28-day bond repurchase agreements, following a 30 billion yuan withdrawal on Tuesday, it said on its website.
The amounts withdrawn were below that of last week, leaving a net injection of 73 billion yuan this week — the fourth straight week of cash injection.
“Liquidity in the interbank market is ample after the central bank continued to provide cash,” said Sun Jianpo, analyst of Galaxy Securities.
Ye Bingnan, analyst of BOC International (China) Ltd, said hopes “are rising the central bank will continue to loosen monetary policies as downward pressure on economic growth remains.”
Lenders gained after data revealed new lending at China’s four biggest banks surged in the last week of May.
The Industrial and Commercial Bank of China added 1.7 percent to 3.63 yuan, and the Agricultural Bank of China rose 1.6 percent to 2.52 yuan.
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