China's stocks opened slightly higher on Thursday despite the central bank's announcement of the third interest rate hike this year.
The benchmark Shanghai Composite Index rose 0.1 percent to open at 2,813.19. The Shenzhen Component Index opened at 12,440.86, up 0.12 percent.
The People's Bank of China (PBOC), the central bank, announced Wednesday evening that it will raise the bank's benchmark one-year borrowing and lending rates by 25 basis points on Thursday, a latest effort to curb inflation.
Meanwhile, the central bank has hiked the reserve requirement ratio for banks six times this year.
The move raises the benchmark one-year deposit rate to 3.50 percent and the one-year benchmark lending rate to 6.56 percent.
Inflation data for June will be released on July 15, and there has been widespread market expectation that it will hit a new high above 6 percent.
Boosted by the rate hike, banks led the rise at the opening. The Bank of Ningbo rose 0.12 yuan, or 1.1 percent to open at 11.21 yuan. The Industrial and Commercial Bank of China (ICBC), China's largest bank, opened flat at 4.37 yuan.
Source:Xinhua
Weekly review
The benchmark Shanghai Composite Index rose 0.1 percent to open at 2,813.19. The Shenzhen Component Index opened at 12,440.86, up 0.12 percent.
The People's Bank of China (PBOC), the central bank, announced Wednesday evening that it will raise the bank's benchmark one-year borrowing and lending rates by 25 basis points on Thursday, a latest effort to curb inflation.
Meanwhile, the central bank has hiked the reserve requirement ratio for banks six times this year.
The move raises the benchmark one-year deposit rate to 3.50 percent and the one-year benchmark lending rate to 6.56 percent.
Inflation data for June will be released on July 15, and there has been widespread market expectation that it will hit a new high above 6 percent.
Boosted by the rate hike, banks led the rise at the opening. The Bank of Ningbo rose 0.12 yuan, or 1.1 percent to open at 11.21 yuan. The Industrial and Commercial Bank of China (ICBC), China's largest bank, opened flat at 4.37 yuan.
Source:Xinhua
Weekly review
