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Rally in financial stocks lifts benchmark index to new high

The benchmark stock index in China rose, sending a gauge of financial shares to a six-year high on Wednesday, on speculation the government will loosen monetary policy and ease capital requirements that may allow brokerages to boost margin lending. CITIC Securities Co and Haitong Securities Co, the largest brokerages, surged at least 8.4 percent. The Shanghai Composite Index climbed 1.3 percent to a four-year high of 3,061.02 at the close, even as three stocks slid for each one that gained. Its 30-day volatility jumped the most in four years after surpassing the 3,000 level on Tuesday.

Renminbi seeks lower levels amid increased volatility