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Temasek Holdings is selling about $2.4 billion worth of stakes in two of China's largest banks, as the Singapore state investor reshuffles its financial sector portfolio.
China's stock index futures closed higher Wednesday, with the contract for May, the most actively traded, up 1.77 percent from the previous trading day to 2,686.8 points.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, rose 8.48 points, or 1.24 percent, to close at 693.61 points on Wednesday.
The exchange rate for the renminbi reached a new high against the US dollar on Wednesday, hitting 6.2670.
Chinese shares closed higher Wednesday, with the benchmark Shanghai Composite Index up 42.12 points, or 1.76 percent, to 2,438.44.
Gome Electrical Appliances Holding Ltd, China's second-biggest electronics retailer, fell to the lowest level in almost three years in Hong Kong trading on Monday.
China, the largest foreign lender to the United States, held $1.73 trillion in US securities by June 30, 2011, according to the Treasury Department.
Chinese industrial stocks will extend declines until policymakers cut interest rates to stimulate construction and lending.
China's vehicle, real estate and non-ferrous metal sectors are being wooed by foreign investors whose holdings up by 29.7 million shares.
Chinese stocks opened higher on Wednesday, with the benchmark Shanghai Composite Index up 1.03 percent to open at 2,421.08.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, opened at 692.35 points on Wednesday, up 7.22 points, or 1.05 percent from the previous close.
The Chinese currency Renminbi, or the yuan, gained 117 basis points to 6.2670 against the US dollar on Wednesday, according to the China Foreign Exchange Trading System.
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