Chinese Shares Open Higher as PBOC Holds Rates Steady
MT Newswires Live
Sep 21
Chinese shares opened higher in Monday trading after the country's central bank opted to keep its benchmark lending rates at record lows, extending a holding pattern that matched market expectations.
The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.2% to 3,920.27. The Shenzhen Component Index climbed 0.6% to 13,716.22.
The gains follow the People's Bank of China's monthly rate fixing on Sunday, where policymakers held the one-year loan prime rate (LPR) -- the benchmark for most corporate and household loans -- steady at 3%.
The five-year LPR, which serves as the primary reference rate for residential mortgages, was also maintained at 3.5%.
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