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People's Daily Online>>China Business

China's stocks end lower at midday Monday

(Xinhua)

13:17, December 05, 2011

BEIJING, Dec. 5 (Xinhua) -- China's stocks closed lower at midday on Monday despite the loosening of the bank's reserve requirement.

The benchmark Shanghai Composite Index trimmed early losses to 14.89 points, or 0.63 percent to finish the morning session at 2,345.78.

The Shenzhen Component Index lost 115.68 points, or 1.18 percent, to end at 9,692.55 at midday.

The People's Bank of China, or the central bank, lowered banks' reserve requirement ratio (RRR) by 50 basis points beginning Monday.

The latest cut drops the RRR to 21 percent for large commercial banks and 17.5 percent for mid- and small-sized banks. An estimated 396 billion yuan (62.38 billion U.S. dollars) in capital will be released into the market.

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