China Stocks Rise Most in Week on Banks’ New Business Prospects
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China’s stocks climbed the most in a week, led by banks, after regulators said they may allow lenders to enter the brokerage business.
Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp., the nation’s largest lenders, gained more than 4 percent after the China Securities Regulatory Commission said it’s considering allowing banks to apply for securities licenses. Industrial Bank Co. jumped 8.7 percent after people familiar with the matter said the lender has submitted a plan to acquire Huafu Securities Co. Citic Securities Co. paced a decline for brokerages.