Shares surge over 3% on PBOC move
Print Edition
SHANGHAI stocks soared above 3 percent yesterday after China’s central bank cut interest rates over the weekend to spur economic growth.
The Shanghai Composite Index added 3.04 percent to 4,333.58 points.
The People’s Bank of China trimmed its benchmark rate by 25 basis points to 5.1 percent. The cut is the third in six months and will take effect from Monday. It follows other measures designed to spur growth in China, including tax cuts.
China’s slowdown is expected to continue. Last year’s economic growth rate of 7.4 percent was the weakest in 24 years, and down from 7.7 percent in 2013. Last week, the International Monetary Fund predicted China’s economic expansion to stabilise at around 6 percent by 2017.
Shares of e-commerce firms continued to increase from the State Council’s guideline on Thursday to develop the sector.
CCS Supply Chain Management Co, Shenzhen Kingdom Technology Co and Hundsun Technologies Inc all surged by the daily 10 percent limit to finish at 35.70 yuan (US$5.76), 222.41 yuan and 142.15 yuan respectively.
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