Stocks gain on central bank’s calming words
Print Edition
SHANGHAI stocks rebounded yesterday following a press conference at which the People’s Bank of China sought to allay concerns regarding the steep depreciation of the yuan over the previous three days.
The Shanghai Composite Index ended up 1.76 percent at 3,954.56 points.
Zhang Xiaohui, assistant governor of the People’s Bank of China, said the discrepancy between the central parity rate and the actual trading rate of the yuan had been corrected after consecutive declines.
The value has gradually returned to market levels, she said, adding that there were no grounds for a sustained devaluation.
Her comments came as the currency’s central parity rate fell by a further 1.1 percent to 6.401 yuan to the United States dollar, following slumps of 1.6 percent on Wednesday and 1.9 percent on Tuesday.
Trading firms soared yesterday, with Shanghai Material Trading Co and Shanghai Lansheng Corp both up by the 10 percent daily limit, to 14.30 yuan (US$2.23) and 33.99 yuan, and Jiangsu Sainty Corp up 9 percent to 13.43 yuan.
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