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Turnover on China's stock markets inches up |
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19:58, July 12, 2007 |
Total turnover on China''s stock markets rose timidly on Thursday amid renewed concerns about possible government moves to curb liquidity following the announcement of a surge in the country''s already huge forex reserve.
The combined turnover of the Shanghai and Zhenshen bourses edged up to 104.7 billion yuan (13.8 billion U.S. dollars) from Wednesday''s 99 billion yuan, still low compared with the daily level of more than 200 billion yuan in May.
China''s huge foreign exchange reserves hit a record of 1.33 trillion U.S. dollars at the end of June, up 41.6 percent from the same period of last year, the People''s Bank of China announced Wednesday.
A total of 266.3 billion U.S. dollars were added to the country''s foreign exchange reserves in the first half of 2007, 144 billion U.S. dollars more than a year ago, said the central bank.
This came after China announced a trading surplus of 26.91 billion U.S. dollars in June, up 85 percent on a year earlier.
Figures released by the central bank on Wednesday showed that RMB deposits increased by 904.1 billion yuan in June, 493.3 billion yuan more than the same period of last year.
The benchmark Shanghai Composite Index, which covers A- and B- shares listed on the Shanghai Stock Exchange rose 50.27 points, or 1.30 percent, to 3915.99 points.
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