Stocks rally on PBOC program
Print Edition
SHANGHAI stocks rallied yesterday, extending its winning streak to four trading days, after China’s central bank expanded a pilot program to boost the banks’ lending ability to shore up the real economy.
The benchmark Shanghai Composite Index rose 3.28 percent to close at a seven-week high of 3,287.66 points.
Lenders lead the gain.
Bank of China rose 1.8 percent to 3.87 yuan (US$61 cents) while China Construction Bank added 2.3 percent to 5.44 yuan.
The People’s Bank of China announced over the weekend that it would expand a program that allows banks to use qualified loan assets as collaterals to relend from the central bank.
The plan, currently in place in Shandong and Guangdong, will be extended to nine provinces and cities including Shanghai and Beijing.
The PBOC said the move will enhance the effectiveness and flexibility of monetary policy operation, solve the problem of insufficient qualified assets for re-lending at financial institutions and guide lending towards agricultural and small-medium enterprises.
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