Shares rise on PBOC’s confidence

Source: Xinhua | 2018-07-04

SHANGHAI stocks rebounded yesterday after investors were cheered by China’s central bank’s confidence that it would keep the yuan stable.

The Shanghai Composite Index rose 0.41 percent to 2,786.89 points as it reversed its sharp drop in the morning session.

Yi Gang, governor of the People’s Bank of China, said the central bank was closely watching the fluctuations in the foreign exchange market.

He expressed optimism that China has “ample policy tools to maintain the yuan’s exchange rate basically stable at a reasonable and balanced level.”

AECC Aero Science and Technology Co and Avic Aviation High-Technology Co both surged by the daily limit of 10 percent, as did Hunan Copote Science and Technology Co, Suzhou Chunqiu Electronic Technology Co and Shanghai Wondertek Software Co.