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在线翻译:
szdaily -> Markets -> 
Stocks extend climb, powered by banks
    2017-11-14  08:53    Shenzhen Daily

CHINA’S major indexes extended gains yesterday, powered by banking firms, as investors cheered the government’s deregulation in the financial sector, mitigating wider concerns about higher corporate borrowing costs as bond yields rose.

The blue-chip CSI300 index rose 0.4 percent to 4,128.07 points, while the Shanghai Composite Index also gained 0.4 percent to 3,447.84 points.

Investors piled into financial stocks, betting the government’s move to widen foreign access to its giant financial sector would attract fresh foreign capital inflows, and push up the valuations of banks, insurers and brokerages.

The latest changes, announced by Vice Finance Minister Zhu Guangyao on Friday, include raising the limit on foreign ownership in joint venture firms involved in the futures, securities and funds markets to 51 percent from the current 49 percent. Meanwhile, China will drop the foreign ownership cap on banks.

“The relaxation of existing curbs will ease restrictions on investment inflows to China,” wrote Raymond Yeung, ANZ’s chief economist of greater China.

“Given the fast expansion in financial assets over the past few years, we believe that there will be a slew of optimistic headlines carrying positive emphasis on their value.”

Banking shares led the gains, with an index tracking the sector closing up 1.4 percent. Small and mid-sized commercial banks, including Jiangsu Wujiang Rural Commercial Bank, Ping An Bank Co. and Wuxi Rural Commercial Bank Co. were among the biggest gainers.

The strength in banking stocks counteracted wider fears stirred by rising bond yields with China’s benchmark 10-year treasury yield up at the highest level in three years.

Resources stocks also firmed, with sector leader Wanhua Chemical leaping 8.4 percent, leading the rally in material firms.

But health care and utilities shares took a breather, as investors booked profits after recent gains. (SD-Agencies)

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