LONDON -- (Marketwire)-- City Index UK: Chinese shares enjoyed their best day in two weeks today (January 28th), helping to boost both the Shanghai SSE Composite and the Hong Kong Hang Seng.
This rally was thanks to the good reception comments by a senior central bank official received by investors when his words were published in several national newspapers.
Deputy governor of the People's Bank of China Pan Gongsheng said the pace and timing of freeing up interest rates needs to depend on banks' profitability and ability to replenish capital, as these two factors affect credit supply to the whole economy.
Mr Pan's comments also included a promise to develop the onshore bond market and reduce balance sheet risks for banks and another to begin publishing a regional breakdown of total social financing.
At close of play this morning, the Hong Kong Hang Seng rose by 0.3 per cent to an index value of 23671.8 points and the Shanghai SSE Composite soared by 2.4 per cent to 2346.5 points.
Find the latest spread betting strategies for Asian benchmarks at City Index.
City Index is one of the world leaders in spread betting and CFD trading. Established in the UK in 1983 we have grown to become leading providers of contracts for difference, Forex and spread betting over the past 29 years.
See how spread betting measures up to traditional shares dealing and find out which form of trading is most suitable for you.
Your losses are magnified in exactly the same way as your gains if the market moves against you and can result in losses exceeding your initial outlay. Please ensure you fully understand the risks involved.
P: 0845 355 0801