China shares up on fund talk

Chinese shares rose in afternoon trading, with consumer and industrial stocks leading the advance, amid speculation that State-run funds intervened in both the equity and currency markets.

The Shanghai Composite Index climbed 0.6 percent, the most in three weeks, after declining toward the 3,000 mark earlier. Great Wall Motor Co added 1.9 percent on a surge in sales, while CSSC Offshore & Marine Engineering Group Co advanced 4 percent. A gauge of mainland stocks traded in Hong Kong headed for the highest close since December, while the ChiNext measure of smaller companies rose to a one-month high.

The Shanghai benchmark has moved less than 1 percent on a daily closing basis in the past three weeks, with yuan declines and lackluster economic data hurting sentiment.