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China's Stocks Rise to Two-Month High After Interest-Rate Cuts

  • Investors may have already priced-in rate move, Shenwan says
  • Rate swaps drop most in two months, yuan is little changed
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China’s stocks rose to a two-month high and bonds advanced after the central bank cut interest rates for a sixth time in a year as the nation’s leaders gather this week to map out a five-year plan for the world’s second-largest economy.

The Shanghai Composite Index increased 0.5 percent to 3,429.58 at the close, the highest level since Aug. 21. Technology companies led gains, with Wangsu Science & Technology Co. surging 3.5 percent. The 10-year bond yield dropped to the lowest level since 2009 and interest-rate swaps declined by the most in two months.