Bloomberg News

ICBC Leads China Banks Higher in Hong Kong on Reserve Ratio Cut

December 01, 2011

Dec. 1 (Bloomberg) -- Industrial & Commercial Bank of China Ltd. led local rivals higher in Hong Kong trading after China’s central bank yesterday said it will cut the reserve requirement for the first time in almost three years.

Shares of ICBC, the world’s biggest lender by market value, rose 8.8 percent to HK$4.69 as of 9:36 a.m. local time in Hong Kong, heading for its biggest one-day gain in almost two months.

To contact the reporter on this story: Stephanie Tong in Hong Kong at stong17@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net


Soul Searcher
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus