BEIJING, April 20 -- Boosted by a bull market, average daily turnover on the Chinese stock market rose sharply in March from a month earlier, said a report released by the People's Bank of China (PBOC) on Monday.

The average daily turnover on the Shanghai Stock Exchange jumped to 516 billion yuan (84.2 billion U.S. dollars) in March, representing an increase of 238 billion yuan in February, with the Shanghai Composite Index up 13.2 percent, said the central bank.

The average daily trading volume on the Shenzhen Stock Exchange rose to 434 billion yuan in March, up 204 billion yuan from February, with the Shenzhen Component Index up 11.9 percent in the period, according to the report.

Transactions of Chinese shares on the two bourses reached an all time high of 1.8 trillion yuan on Monday with the Shanghai Composite Index dipping 1.64 percent to 4217.08 points, after hitting a seven-year high on Friday.