SHANGHAI stocks traded flat this morning with the key Shanghai Composite Index crawling up 0.01 percent to 2,347 points. Turnover stood at 69.7 billion yuan (US$11.2 billion) by the noon break.
The China Securities Regulatory Commission announced to expand the Renminbi Qualified Foreign Institutional Investors program (RQFII) to allow more overseas investors to enter China's capital market with offshore yuan.
The CSRC will lower the RQFII threshold so that the Hong Kong subsidiaries of Chinese banks and insurers can take part in the program. Currently, only Hong Kong subsidiaries of domestic securities firms and fund managers are eligible.
The regulator will also scrap the cap that limits investors to put at least 80 percent of their assets in the bond market and less than 20 percent in the stock market. The move will encourage more capital to flow to the stock market, analysts said.
Guizhou Panjiang Refined Coal Co gained among coal producers, jumping by the 10-percent daily limit to 15.59 yuan. Shanxi Lanhua Sci-Tech Venture Co advanced 4.2 percent to 20.10 yuan. Yang Quan Coal Industry (Group) Co climbed 3.9 percent to 14.44 yuan.
Property developers gained on speculation that they have been oversold. Poly Real Estate, China's second largest developer, rose 1.2 percent to 11.49 yuan. Gemdale Corporation added 1.6 percent to 6.50 yuan.
Aircraft manufacturers were among the losers. China Spacesat Co lost 1.8 percent to 16.61 yuan. China Aerospace Times Electronics Co dropped 2.1 percent to 9.43 yuan.
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