AUGUST 26 2015 04:28h

China stocks open higher after central bank cuts interest rates

Nikkei fluctuates on US losses, China rate cut




The benchmark Shanghai Composite Index opened up 0.53 per cent Wednesday on fresh loosening measures, following sharp plunges in previous days. 

The Shenzhen Component Index opened 0.02 percent higher while the ChiNext Index the ChiNext Index, which tracks tech and other growth enterprises, opened 0.74 per cent lower.  

The People's Bank of China on Tuesday evening cut its benchmark, one-year lending rate by 0.25 percentage points to 4.6 per cent, and the benchmark deposit rate by a similar margin to 1.75 per cent.

It also lowered the reserves that banks must hold, for the second time in two months, by 50 basis points to 18 per cent for most big banks effective September 6. 

The bank announced the measures after the Shanghai index closed down 7.6 per cent following the nearly 9-per-cent loss on Monday.  


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