Shanghai stocks rose nearly 1 percent yesterday, led by gains in banking and metals-related shares after a strong debut by gold futures on the Shanghai Futures Exchange.
The opening of a rural bank by a primarily foreign lender gives hope to the great number of small rural businesses in the country, marking the government's latest drive to provide farmers with easier access to small loans.
Shanghai shares fell for the first time in four days yesterday as most stocks were hit by profit-taking, but banks rose on the back of better-than-expected earnings at Merchants Bank.
After months of planning, China will get its first precious metal futures product when trading in gold futures begins in Shanghai today.
Shanghai shares rose yesterday, with the main index setting a fresh seven-week closing high in heavy trade, as the market continued to outperform tumbling foreign markets.
Skandia-BSAM has been one of China's fastest growing insurers in recent years, fueled by the bullish stock market.
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Raymond Zhou
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Chen Weihua
