Related News
Stock index drops 0.39% in morning trade
By Lu Nengneng |
March 12, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell in early trade after the head of the central bank said bank reserve requirement ratio cuts do not mean monetary policies were being eased.
The key benchmark Shanghai Composite Index dropped 0.39 percent to 2,429.93 points after it snapped a seven-week winning streak last week with a 0.86-percent loss. Turnover stood at 61.8 billion yuan (US$9.76 billion).
At a press conference of the ongoing National People's Congress this morning, Zhou Xiaochuan, head of People's Bank of China, said the lowered reserve requirement ratios for banks do not signal the relaxation of monetary policies. In addition, the money it unleashed, which aims to benefit every aspect of China's economy instead of any particular industry, is intended not to beef up the confidence in the stock market or the property market, Zhou added.
Following the remark, banks fell on renewed concerns over their liquidity. Industrial and Commercial Bank of China lost 0.69 percent to 4.3 yuan. China Construction Bank shed 0.63 percent to 4.74 yuan. China CITIC Bank fell 0.88 percent to 4.5 yuan.
Property developers took the brunt of the decline amid worries over their draining cash flows. China Vanke, the country's biggest developer, slumped 3.02 percent to 8.34 yuan. Poly Real Estate sank 3.6 percent to 11.26 yuan.
The key benchmark Shanghai Composite Index dropped 0.39 percent to 2,429.93 points after it snapped a seven-week winning streak last week with a 0.86-percent loss. Turnover stood at 61.8 billion yuan (US$9.76 billion).
At a press conference of the ongoing National People's Congress this morning, Zhou Xiaochuan, head of People's Bank of China, said the lowered reserve requirement ratios for banks do not signal the relaxation of monetary policies. In addition, the money it unleashed, which aims to benefit every aspect of China's economy instead of any particular industry, is intended not to beef up the confidence in the stock market or the property market, Zhou added.
Following the remark, banks fell on renewed concerns over their liquidity. Industrial and Commercial Bank of China lost 0.69 percent to 4.3 yuan. China Construction Bank shed 0.63 percent to 4.74 yuan. China CITIC Bank fell 0.88 percent to 4.5 yuan.
Property developers took the brunt of the decline amid worries over their draining cash flows. China Vanke, the country's biggest developer, slumped 3.02 percent to 8.34 yuan. Poly Real Estate sank 3.6 percent to 11.26 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.
