China: Shares jump over 2% after PBOC cuts bank reserve requirement
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[SHANGHAI] China stocks jumped over 2 per cent at open on Thursday after the central bank cut banks'reserve requirement ratio (RRR) for the first time in over two years to combat an economic slowdown and looming deflation.
The CSI300 index rose 2.5 per cent at open, while the Shanghai Composite Index gained 2.4 per cent.
The financial sub-index leapt 4.4 per cent and the property sub-index rose 3.4 per cent.
Chinese stock markets have soared around 40 per cent since November when the People's Bank of China (PBOC) cut interest rates.
In Hong Kong, the Hang Seng index added 1.5 per cent.
The Hong Kong China Enterprises Index gained 2.7 per cent.
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REUTERS
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