Bloomberg News

Chinese Banks, Developers Rise in Shanghai as Money Rate Drops

November 02, 2011

Nov. 2 (Bloomberg) -- Chinese banks, developers and small- company stocks advanced in Shanghai after the nation’s money- market rates declined the most in three weeks on speculation the central bank will add funds to the system to ease a cash shortage.

China Minsheng Banking Corp. gained 1.6 percent to 6.21 yuan at 2:23 p.m. local time, leading advances for lenders. China Vanke Corp.,the biggest developer, surged 1.3 percent to 7.87 yuan. Han’s Laser Technology Co. led a rally for companies in the CSI Smallcap 500 Index, adding 7.1 percent to 9.15 yuan. The CSI 500 rose 0.8 percent.

To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net


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