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Hong Kong stocks staged a big rally on Wednesday. Analysts here said the market is likely to continue recovering as the Federal Reserves' pledge to keep the rates low may help investors somehow regain confidence.
The exchange rate of the yuan against the dollar rose to a 17-year high after the US Federal Reserve Board announced it will maintain interest rates at a record low and amid a global stock market rebound.
China Railway Group , the country's largest railroad builder, has dropped a plan to raise about 6.2 billion yuan ($966 million) via a share placement, Reuters reported.
The Ministry of Finance (MOF) said on Wednesday that it will sell 28 billion yuan ($4.36 billion) more in 30-year book-entry treasury bonds starting Thursday.
China's stock index futures closed higher on Wednesday with the contract for August, the most actively traded, up 0.14 percent from the previous trading day to 2,807.8 points.
Hong Kong stocks gained 452.97 points, or 5.66 percent, at 19,783.67 on Wednesday.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, rose 12.99 points, or 1.48 percent, to 891.75 on Wednesday.
China's stocks closed higher on Wednesday with the benchmark Shanghai Composite Index up 0.91 percent to close at 2,549.18.
The Ministry of Railways was given a credit rating of AAA by a major Chinese rating agency, higher than China's Sovereign Credit Rating.
Gold futures on the COMEX division of the New York Mercantile Exchange rallied on Tuesday, sending gold prices to a new high, after the US Federal Reserve said it will keep interest rates low.
Commodities plunged to their lowest level in eight months on Tuesday, extending two weeks of losses. The retreat came on concern that the global share-market rout will slow the economy and erode demand. Gold jumped to a record on demand for a haven.
Chinese equities shrugged off the downward pressure of steep drops in the US and European stock markets, triggered by rating agency Standard & Poor's move to downgrade the long-term credit rating of the United States, and erased intraday losses to close flat on Tuesday.
