China’s Stocks Rally as Premier Wen Says Inflation Under Control
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China’s stocks rallied the most in four months on speculation the central bank will refrain from raising interest rates after Premier Wen Jiabao said efforts to stem inflation have worked.
Industrial and Commercial Bank of China Ltd. led a gauge of financial companies up by 2.9 percent as money-market rates dropped for the first time in eight days. Citic Securities Co. climbed 8.6 percent. Air China Ltd. advanced the most in eight months after oil slumped. SAIC Motor Corp. jumped to a two-month high as the National Business Daily said government agencies are seeking to remove limits on vehicle purchases.