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Stocks snap out of 4-day losing streak to end 0.85% up
By Hu Xiaocen |
December 23, 2011, Friday
|
Online Edition
Online Edition
THE Shanghai Composite Index snapped out of a four-day decline as offshore yuan platform licenses were awarded and amid speculation of easing property curbs.
The key index rose by 0.85 percent to 2,204.78 points, with a turnover of 43.5 billion yuan (US$6.8 billion). The cement industry maintained its leading position from the morning trade and finished with a 4.91 percent jump in the afternoon. Developers rose by 1.39 percent.
Nine Hong Kong subsidiaries of Chinese mainland fund management companies have been granted RMB Qualified Foreign Institutional Investors licenses, a pilot program launched by China Securities Regulatory Commission, under which yuan funds raised offshore can be invested in China's capital market, said Securities Times.
No more than 20 percent of money raised by RQFII can be invested in the A-share market, as per CSRC regulation, which limits the capital inflows to four billion yuan (US$0.6 billion) in the short run.
Although the amount is insignificant at the moment, it is still an important step to channel offshore yuan back to the mainland. Furthermore, the launch of RQFII indicates that the government has a strong will to boost investor confidence before other financial reforms to gain substantial progress, said Guangfa Securities in an analysis report.
"With RQFII's future expansion, channels of offshore RMB investments will be further expanded," the report said.
Officials in major cities across the country claimed that their house price control targets have been reached for the year, said First Financial Daily today.
"Beijing will continue to implement the property control measures, and guide developers to make reasonable pricing. However price caps will not be enforced," said Wang Rongwu, a commissioner from the Beijing Municipal Commission of Housing and Urban-Rural Development yesterday.
Developers outperformed the index by a jump of 1.39 percent. Poly Real Estate Group Co rose by 1.19 percent and closed at 10.19 yuan.
The key index rose by 0.85 percent to 2,204.78 points, with a turnover of 43.5 billion yuan (US$6.8 billion). The cement industry maintained its leading position from the morning trade and finished with a 4.91 percent jump in the afternoon. Developers rose by 1.39 percent.
Nine Hong Kong subsidiaries of Chinese mainland fund management companies have been granted RMB Qualified Foreign Institutional Investors licenses, a pilot program launched by China Securities Regulatory Commission, under which yuan funds raised offshore can be invested in China's capital market, said Securities Times.
No more than 20 percent of money raised by RQFII can be invested in the A-share market, as per CSRC regulation, which limits the capital inflows to four billion yuan (US$0.6 billion) in the short run.
Although the amount is insignificant at the moment, it is still an important step to channel offshore yuan back to the mainland. Furthermore, the launch of RQFII indicates that the government has a strong will to boost investor confidence before other financial reforms to gain substantial progress, said Guangfa Securities in an analysis report.
"With RQFII's future expansion, channels of offshore RMB investments will be further expanded," the report said.
Officials in major cities across the country claimed that their house price control targets have been reached for the year, said First Financial Daily today.
"Beijing will continue to implement the property control measures, and guide developers to make reasonable pricing. However price caps will not be enforced," said Wang Rongwu, a commissioner from the Beijing Municipal Commission of Housing and Urban-Rural Development yesterday.
Developers outperformed the index by a jump of 1.39 percent. Poly Real Estate Group Co rose by 1.19 percent and closed at 10.19 yuan.
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