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China Market surges on policy supports

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The China share market advanced on Monday, 12 October 2020, as investors cheered Beijing's latest policy support for equities. Investors also encouraged by official data that showed signs of economic recovery and a rebound in tourism during the holiday week.

At closing bell, the benchmark Shanghai Composite Index added 2.64%, or 86.39 points, to 3,358.47.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 3.31%, or 73.40 points, to 2,289.36. The blue-chip CSI300 index advanced 3.03%, or 142.02 points, to 4,823.16.

China's state council published on Friday the Opinion on Further Improving the Quality of Listed Companies, which includes exploring more long-term evaluation mechanisms for institutional investors to attract more mid and long-term funds.

CURRENCY NEWS: China's yuan pulled back from a 17-month high after a policy tweak by the central bank. Over the weekend, the People's Bank of China (PBOC) lowered the reserve requirement ratio for financial institutions when conducting some foreign exchange forwards trading to zero from 20%, effectively lowering the cost of shorting the Chinese currency.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, October 12 2020. 19:52 IST