Chinese
stock-index futures rose in Singapore after the central bank reduced
its benchmark interest rate for a second time in three months to shore
up growth in the world’s second-largest economy.
FTSE
China A50 Index futures expiring in March surged 2.2 percent at 9:06
a.m. local time. Property and financial companies may be active after
the People’s Bank of China lowered the one-year deposit rate by a
quarter percentage point to 2.5 percent and cut the one-year lending
rate to 5.35 percent, effective Sunday.
The
Shanghai Composite Index advanced 0.4 percent to 3,310.30 on Feb. 27,
taking gains last month to 3.1 percent. The PBOC’s decision came a day
before a Chinese factory gauge signaled contraction in February. Most
economists predict Premier Li Keqiang will announce a 2015 growth target
of around 7 percent, down from 7.5 percent last year, when the National
People’s Congress convenes its annual meeting this week.
Source: Bloomberg
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