Shares up on stable yuan, CSRC pledge
Print Edition
SHANGHAI stocks rose yesterday as the yuan exchange rate stabilized and the securities regulator pledged more intense supervision of the market.
The benchmark Shanghai Composite Index rose 0.44 percent to close at 2,913.84 points, recovering from a 9 percent slump last week.
Investors were soothed after the central bank stabilized the exchange rate and the securities regulator vowed that it would monitor the market more intensely, said Xiao Shijun, an analyst with Guodu Securities.
The yuan yesterday closed at 6.5793 per US dollar in Shanghai, strengthening from last Friday’s 6.5856 after the People’s Bank of China boosted the official reference rate.
The offshore yuan gained by the most in a week after the central bank said it planned to raise reserve requirement ratio on offshore yuan deposits, targeting speculative trading that could lead to a sharp depreciation of the yuan.
The China Securities Regulatory Commission over the weekend apologized for volatility in the country’s markets as it acknowledged the “shortcomings” in supervision.
Xiao Gang, chairman of the CSRC, said “deep lessons” had to be learned from the recent turmoil.
Real estate developers led the gainers yesterday after official data showed new home prices rose in 39 cities last month, six more than in November.
Gemdale Corp rose 2.8 percent to 15.40 yuan (US$2.34).
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