China Stocks Rise in U.S. After PBOC Cuts Banks’ Reserve Ratio |
| BusinessWeek - Nov 30, 2011 |
Chinese equities traded in the U.S. advanced the most in three months after the government cut banks’ reserve requirement for the first time since 2008 to bolster the economy.
The Bloomberg China-US 55 Index jumped 4.4 percent to 100.71 at 10:26 a.m. in New York and was heading for its biggest gain since Aug. 11. The surge pushed the index up 0.8 percent in the month, erasing a loss that reached 3.3 percent at the end of yesterday. Melco Crown Entertainment Ltd., the Macau casino operator, soared as much as 13 percent after saying its shares will be listed on the Hong Kong Stock Exchange on Dec. 7. Internet companies from Baidu Inc., Sina Corp. to Youku Inc. climbed at least 3 percent. Solar shares rebounded.
Chinese banks’ reserve ratios will decline by 50 basis points effective Dec. 5, the People’s Bank of China said on its website. The move came two hours before the U.S. Federal Reserve, the European Central Bank and the monetary authorities of the U.K., Canada, Japan and Switzerland said they were cutting the cost of emergency dollar funding to ease strains in financial markets.
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- Posted: 2011-11-30 15:54:14
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