Chinese stocks trading in Hong Kong climbed the most in three weeks amid speculation the central government is accelerating measures to support economic growth.
China Citic Bank Corp. and China Minsheng Banking Corp. gained at least 1.5 percent. The People’s Bank of China is said to plan the injection of about 200 billion yuan ($32.7 billion) into some national and regional lenders. Bank of America Corp. said the move is equal to a 20 basis-point cut in reserve-requirement ratios. The liquidity injection came before today’s start of a Communist Party meeting and tomorrow’s gross domestic product data. PetroChina Co., the nation’s biggest oil company, advanced 1.7 percent.
The Hang Seng China Enterprises Index (HSCEI) advanced 1.4 percent to 10.377.44 at 9:50 a.m. local time, heading for the biggest gain since Sept. 24. The Shanghai Composite Index (SHCOMP) added 0.3 percent to 2,347.36. The mainland gauge dropped 1.4 percent last week amid speculation the much-anticipated trading link between Hong Kong and Shanghai will be delayed.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.