Economic Information Agency, September 9 - Mainland Chinese bank stocks rose this morning to support the market, with the Hang Seng Index briefly breaking above 24,000 but quickly losing ground. CCB (00939) rose 1.2%, closing at HK$9.78; ICBC (01398) rose 1.9%, at HK$7.525; BOC (03988) rose 1.2%, at HK$6.1; ABC (01288) rose 2.2%, at HK$6.58.
The People's Bank of China (PBOC) yesterday published an article titled "The PBOC's Policy Position on the RMB Exchange Rate" on its official website, clarifying its stance that "China has neither the need nor the intention to gain trade advantages through exchange rate depreciation." It pointed out that "alleviating global imbalances requires actions from both deficit and surplus countries." Blaming complex international monetary system and structural economic issues simply on the RMB exchange rate by certain countries represents shirking and avoidance of their own adjustment responsibilities, which does not help solve problems. "Countries should formulate medium- and long-term policy plans, make clear commitments, and firmly implement them, avoiding constant flip-flopping."
The PBOC emphasized that global economic imbalances result from a combination of factors including the evolution of industrial division of labor, inherent contradictions in the international monetary system, and investment-savings imbalances across countries, and are not the sole responsibility of either surplus or deficit countries, requiring joint efforts by all parties.
In addition, ICBC and ABC announced that they have received notice from the Shanghai Stock Exchange yesterday regarding acceptance of their applications for issuing A-shares to specific parties as Shanghai Main Board listed companies. Both banks stated that the issuance still requires approval by the Shanghai Stock Exchange and a registration approval decision from the China Securities Regulatory Commission (CSRC) before implementation.
Currently, the Hang Seng Index stands at 23,963, up 177 points or 0.7%, with main board turnover exceeding HK$18.4 billion. The Hang Seng China Enterprises Index is at 8,059, up 48 points or 0.6%. The Hang Seng Tech Index is at 4,101, up 27 points or 0.7%. (am)
The People's Bank of China (PBOC) yesterday published an article titled "The PBOC's Policy Position on the RMB Exchange Rate" on its official website, clarifying its stance that "China has neither the need nor the intention to gain trade advantages through exchange rate depreciation." It pointed out that "alleviating global imbalances requires actions from both deficit and surplus countries." Blaming complex international monetary system and structural economic issues simply on the RMB exchange rate by certain countries represents shirking and avoidance of their own adjustment responsibilities, which does not help solve problems. "Countries should formulate medium- and long-term policy plans, make clear commitments, and firmly implement them, avoiding constant flip-flopping."
The PBOC emphasized that global economic imbalances result from a combination of factors including the evolution of industrial division of labor, inherent contradictions in the international monetary system, and investment-savings imbalances across countries, and are not the sole responsibility of either surplus or deficit countries, requiring joint efforts by all parties.
In addition, ICBC and ABC announced that they have received notice from the Shanghai Stock Exchange yesterday regarding acceptance of their applications for issuing A-shares to specific parties as Shanghai Main Board listed companies. Both banks stated that the issuance still requires approval by the Shanghai Stock Exchange and a registration approval decision from the China Securities Regulatory Commission (CSRC) before implementation.
Currently, the Hang Seng Index stands at 23,963, up 177 points or 0.7%, with main board turnover exceeding HK$18.4 billion. The Hang Seng China Enterprises Index is at 8,059, up 48 points or 0.6%. The Hang Seng Tech Index is at 4,101, up 27 points or 0.7%. (am)
