Chinese Stocks Rise as Bank Reserve-Ratio Cuts Approved
This article is for subscribers only.
Chinese stocks rose, sending the Shanghai Composite Index to a two-month high, after the central bank expanded the number of lenders eligible for cuts to their reserve-requirement ratios.
China Minsheng Banking Corp. surged at least 1.7 percent in Hong Kong and Shanghai while Industrial Bank Co. climbed 1.6 percent after confirming they had received permission from the People’s Bank of China to set aside fewer funds against deposits. Wintime Energy Co. and China Oilfield Services Ltd. gained after Xinhua News Agency cited President Xi Jinping as saying China should push for energy conservation and boost its alternative energy supply.