Stocks recover further from plunge

    CHINA’S shares soared yesterday, with the Shanghai Composite Index producing its biggest one-day percentage gain in more than five years as investor confidence continued to recover after Monday’s plunge.

    The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 4.5 percent to 3,548.88, while the Shanghai Composite Index climbed 4.74 percent to 3,323.61 points. That was its biggest one-day gain since October 2009. Two days earlier, both indices tumbled 7.7 percent, their biggest falls since 2008.

    Cross-border yuan deals hit US$1.6 trillion

    CHINA’S currency was used for 9.95 trillion yuan (US$1.6 trillion) in cross-border transactions last year, the Financial News, owned by China’s central bank, reported yesterday.

    That takes China one step closer to promoting the yuan as an international currency. The yuan accounts for an increasingly significant portion of global trade and investment flows. In 2014, China’s merchandise trade totaled 4.3 trillion yuan, with another 500 billion yuan in services trade in the first 11 months of the year. There are now 14 offshore-yuan centers, while 28 central banks have swap agreements with the People’s Bank of China.

    Alibaba seeks stake in New China Life

    ALIBABA Group Holding Ltd., the world’s biggest e-commerce company, is planning to buy shares in Shanghai-listed New China Life Insurance Co., Shanghai Securities News said yesterday, citing unnamed sources.

    The newspaper reported that Central Huijin Investment Ltd., the largest shareholder in the insurer, plans to sell some of its stake to Alibaba. It did not give any details on the size of the deal. Central Huijin currently owns 31.34 percent of the insurer, according to the paper. New China Life asked for a trading suspension Jan. 19, saying it was in the midst of negotiations that would affect its shareholding structure.

    Sinopec 2014 oil and gas output up 8.5%

    CHINA Petroleum & Chemical Corp., or Sinopec Corp., said Tuesday it posted a 8.5 percent increase in oil and gas output in 2014 compared with a year earlier.

    The firm said its refinery output was up 1.5 percent in 2014 from a year earlier. Sinopec is Asia’s largest oil refining firm.