China stocks close up Monday despite RRR hike

18:43, February 21, 2011      

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An investor is seen at a stock exchange in Hangzhou, capital of east China's Zhejiang Province, Feb.21, 2011. China's stocks rose Monday, with the benchmark Shanghai Composite Index up 1.12 percent, or 32.45 points, to close at 2932.25 points, and the Shenzhen Component Index up 2.06 percent, or 259.35 points, to close at 12872.47 points. (Xinhua/Han Chuanhao)

Chinese shares closed higher Monday, despite last week's announcement by the central bank that it would further hike the reserve requirement ratio (RRR) for commercial banks on Thursday.

The benchmark Shanghai Composite Index closed up 32.45 points, or 1.12 percent, to end at 2,932.25.

The Shenzhen Component Index rose 2.06 percent, or 259.35 points, to finish at 12,872.47 points.

Combined turnover rose to 266.4 billion yuan (40.54 billion U.S. dollars) from 258.7 billion yuan the previous trading day.

Losers outnumbered gainers 808 to 73 in Shanghai and 1,091 to 83 in Shenzhen.

The People's Bank of China (PBOC), the central bank, announced Friday that it would increase the bank reserve requirement ratio by 50 basis points on Feb. 24.

The hike, the second this year and the eighth since the beginning of last year, is the latest move to soak up liquidity and control inflation.

Travel stocks gained momentum as Chinese Vice Premier Wang Qishan on Sunday called for sound and fast development of the nation's tourism industry.
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