Shanghai Composite hits to three-year high

Mainland China share market closed sharp higher in heavy trade on Monday, 24 November 2014, as an unexpected interest rate cut by China's central bank has whetted appetite for risk assets. The Shanghai Composite spurted 46.09 points, or 1.85%, to 2532.88 at the close, the highest close since Sept. 1, 2011. Full-day turnover was 330.29 billion yuan, more than double from last Friday's 150.80 billion yuan.

The People's Bank of China rate cut announcement came after market hour on Friday. China's central bank cut its key lending rate by 0.40% to 5.6%, the first reduction in two years. The deposit rate was cut by a smaller 0.25% to 2.75%.

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