Economics
China Stocks Rise, Cap Longest Rally in 11 Months as Banks Gain
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China’s stocks rose for a seventh day, capping the longest rally in 11 months, as economic growth spurs higher fund flows into the country and improving earnings prospects bolster the nation’s lenders.
Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. led gains for lenders after Citigroup Inc. said Chinese banks will report “solid” earnings growth in the third quarter. Air China Ltd. rose to a two-year high after the yuan gained to a record, reducing the cost of financing the airline’s dollar debt. Citic Securities Ltd. jumped 9.6 percent, capping a 32 percent rally for the week, on speculation surging trading volumes will boost revenue.