China: Stocks gain over 2% as state margin lender cuts borrowing costs

[SHANGHAI] China stocks rose on Monday after the state margin lender announced the resumption of a portion of its short-term lending business and cut borrowing costs for brokerages.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.4 per cent to 3,249.44 points, while the Shanghai Composite Index gained 2.2 per cent to 3,018.80.

Financial stocks such as brokerages led indexes higher, with the CSI300 financial sub-index gaining 3.3 per cent.

REUTERS