China shares lift overnight
Chinese stocks listed in the U.S. climbed for the first time in four days, as China moves to bolster credit growth and ward off a worsening economic slowdown.
The People’s Bank of China announced yesterday it will expand a cut to reserve-requirement ratios to more branches of Agricultural Bank of China Ltd. from March 25.
A total 23 billion yuan ($3.6 billion) has been freed up for loans by the moves, the central bank said.
Data from home prices to retail sales signal that growth in the world’s largest exporter is slowing. Gross domestic product in the last three months of 2011 rose the least in ten quarters amid Europe’s debt crisis.
The Shanghai Composite Index was little changed at 2,378.20 on Wednesday.
However, in a positive for the equities market, was unfounded when the government introduced measures to assist pension funds to bolster the bond market not the equities market.
China’s central bank has lowered the amount that must be kept in reserves by lenders twice since December and has kept interest rates on hold since July. The reserve ratio will be cut by 2 percentage points for 379 branches of Agricultural Bank, the nation’s third-largest lender.
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