Rally in Financials Boosts Shanghai Index

Compiled by staff

Financials led a turnaround in Chinese equities as the Shanghai Composite Index recovered from a 2-percent slump at mid-day to close up 0.38 percent at 2,853.55 points on Sept. 24.

Some analysts speculated that People's Bank of China governor Zhou Xiaochuan's comments on Sept. 23 might have led to expectations of an interest rate rise, which will benefit banks. He said that the central bank will adjust monetary policy according to economic conditions and focus on maintaining a stable currency.