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Zhou鈥檚 vow warms shares in Shanghai
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Shanghai stocks rose yesterday after a pledge by the central bank governor to enhance flexibility in the yuan and liberalize interest rates fueled reform expectations.
The Shanghai Composite Index gained 0.62 percent to 2,206.61 points.
The People’s Bank of China will phase out intervention in the foreign exchange market and widen the yuan trading band in an “orderly” manner as it seeks to promote a more flexible currency, Zhou Xiaochuan, governor of the central bank, wrote in a guidance on reforms.
Zhou also proposed investment quotas be raised under the Qualified Domestic Institutional Investor and the Qualified Foreign Institutional Investor programs, as well as waiving the approval process for the two schemes when conditions are right.
Zhang Zhiwei, chief economist for China at Nomura Holdings Inc, said: “We do see some reforms starting quite soon, such as widening the yuan exchange rate trading band, enlarging QFII and QDII, more market pricing for government bonds, and establishing a deposit insurance scheme.”
Ping An Insurance (Group) Co rose 0.5 percent to 41 yuan (US$6.73), and CITIC Securities added 0.6 percent to 12.83 yuan.
Defense-related shares rose as they may benefit from the reform which emphasizes national security, China Galaxy Securities said.
Xi’an Aero-Engine Plc surged by the daily limit of 10 percent to 20.22 yuan. China Aerospace Times Electronics Co rose 6.8 percent to finish at 9.44 yuan, and China Spacesat Co added 5.1 percent to close at 18.84 yuan.
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