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Economy
In reply to the discussion: Weekend Economists Deck the Halls Christmas Day 2013 [View all]xchrom
(108,903 posts)36. China Stocks Rise Most in Three Weeks as Money-Market Rates Drop
http://www.bloomberg.com/news/2013-12-25/china-stock-index-futures-rise-as-money-market-rates-extend-drop.html
Chinas stocks climbed the most in three weeks, spurred by a second-day drop in benchmark money-market rates after the central bank injected cash into the financial system. The yuan held near a 20-year high.
The Shanghai Composite Index (SHCOMP) rose 0.6 percent to 2,106.35 at the close, the biggest advance since Dec. 4. Volumes were down 40 percent as most Asian markets shut for the holidays. Oil producer PetroChina Co. and technology companies advanced. The seven-day repurchase rate, a gauge of funding availability in the banking system, slid 86 basis points to 5.58 percent.
Chinas central bank conducted its first reverse-repurchase operation in three weeks yesterday, stepping up efforts to provide lenders with cash after the biggest surge in borrowing costs since 2011 sparked a sell-off in Chinese shares traded in Shanghai, Hong Kong and New York.
Lower interest rates have helped calm the market, Gao Hui, an analyst at Founder Securities Co., wrote in a note today. Funding costs will be controlled with the help of fiscal fund transfers before the year-end.
Chinas stocks climbed the most in three weeks, spurred by a second-day drop in benchmark money-market rates after the central bank injected cash into the financial system. The yuan held near a 20-year high.
The Shanghai Composite Index (SHCOMP) rose 0.6 percent to 2,106.35 at the close, the biggest advance since Dec. 4. Volumes were down 40 percent as most Asian markets shut for the holidays. Oil producer PetroChina Co. and technology companies advanced. The seven-day repurchase rate, a gauge of funding availability in the banking system, slid 86 basis points to 5.58 percent.
Chinas central bank conducted its first reverse-repurchase operation in three weeks yesterday, stepping up efforts to provide lenders with cash after the biggest surge in borrowing costs since 2011 sparked a sell-off in Chinese shares traded in Shanghai, Hong Kong and New York.
Lower interest rates have helped calm the market, Gao Hui, an analyst at Founder Securities Co., wrote in a note today. Funding costs will be controlled with the help of fiscal fund transfers before the year-end.
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