Arab Today, arab today china\s stocks shoot up in morning trade on central bank move
Last Updated : GMT 04:53:49
Arab Today, arab today
Arab Today, arab today

China\'s stocks shoot up in morning trade on central bank move

Arab Today, arab today

Arab Today, arab today China\'s stocks shoot up in morning trade on central bank move

Beijing - Xinhua

China\'s stocks extended rallies after a strong opening in the morning trade on Thursday after the country\'s central bank cut bank reserve requirements for the first time since 2008. The benchmark Shanghai Composite Index shot up by 3.35 percent after opening more than 2 percent higher to 2,411.53 at midday, erasing the tumble of 3.3 percent on Wednesday which was the most since Aug. 8. Then Shenzhen Component Index ended the morning session at 10,047.60, up 3.65 percent. Financial and non-ferrous metal stocks led the rally. China Life surged 9.17 percent to 18.70 yuan (2.93 U.S. dollars) and Industrial and Commercial Bank of China gained 2.39 percent to 4.29 yuan. Tongling Nonferrous Metals Group rose by the daily limit of 10 percent to 20.26 yuan. Jiangxi Copper Co. jumped 7.53 percent to 26.71 yuan. Property stocks were also robust, with China Vanke up 6.66 percent and Poly Real Estate Group up 8.58 percent. The People\'s Bank of China, or the central bank, said Wednesday evening that it will lower banks\' reserve requirement ratio (RRR) by 50 basis points as of Dec. 5. The latest cut drops the RRR to 21 percent for large commercial banks and 17.5 percent for mid- and small-sized banks. An estimated 396 billion yuan (62.38 billion U.S. dollars) in capital will be released into the market. The move signals that the government is worried about weakening economic growth, although it is not known if the move will lead to a generally looser monetary policy, analysts said. The Shanghai Composite Index lost about 5.5 percent in November on concerns of a slowdown in the world\'s second largest economy and escalating European debt crisis. China\'s purchasing managers index, the gauge of China\'s manufacturing activity, fell to 49 percent in November, indicating a contraction for the first time since February 2009. A reading below 50 indicates contraction while a reading above 50 indicates expansion. \"While facing volatile external demands and both eased economic growth and inflation, the RRR cut is a signal for stabilizing growth, making the central bank\'s fine-tuning of the country\'s monetary policy more explicit,\" said Zhuang Jian, a senior economist with the Asia Development Bank, after the announcement of the RRR reduction. China\'s move, coupled with six other central banks\' coordinated action to pump liquidity into the global financial system, excited global markets. The U.S. Federal Reserve, the European Central bank and the central banks of Canada, Switzerland, Japan and the U.K. agreed to lower the cost of dollar swap lines by 50 basis points.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\s stocks shoot up in morning trade on central bank move Arab Today, arab today china\s stocks shoot up in morning trade on central bank move

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday

GMT 09:55 2017 Thursday ,16 February

Robust Omani Riyal exchange rate affirmed

GMT 09:00 2017 Thursday ,16 February

Bahrain Bourse daily trading report
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday