China stocks climb on pledge for home buyers
The Shanghai Composite Index rose 55.63 points, or 2.4 percent, to 2,347.53 at the close, the most since Jan. 17. The CSI 300 Index gained 2.9 percent to 2,528.24.
China’s central bank pledged support for first-home buyers as a crackdown on real-estate speculation threatens to trigger a property slump in the world’s second- biggest economy.
China's stocks rallied the most in three weeks on speculation slowing inflation will provide more leeway for the central bank to ease monetary policy and after the government pledged to support first-time homebuyers.
Officials will increase support for construction of affordable housing and ensure that “loan demand from first-home families” is met, the People’s Bank of China said.
Jiangxi Copper Co., the largest producer of the metal, soared 10 percent after an economist said China may "move shortly" to help Europe resolve its debt crisis.
China Vanke Co., the biggest developer, rose 2.9 percent after the central bank said officials will increase support for building of affordable housing.
China Petroleum & Chemical Corp. and PetroChina Co. led a climb for refiners after the government raised domestic fuel tariffs for the first time in 10 months. Inflation data for January is scheduled to be released tomorrow.
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