China Shares Rise as Central Bank Holds Lending Rates Steady; Zhejiang Chint Electrics Jumps 10%
Chinese shares rose on Thursday as the central bank kept its benchmark lending rates unchanged in line with market expectations.The Shanghai Composite Index, the main gauge of Chinese stocks, closed 0.2% higher at 3,903.72. The Shenzhen Component Index climbed 0.6% to 13,972.78.The People's Bank of China held its benchmark lending rates unchanged at the monthly fixing on Thursday, a decision that aligned with market expectations tracked by Investing.com. The one-year loan prime rate remained at 3.0%, while the five-year LPR stayed flat at 3.5%.Sentiment also improved after policymakers unveiled plans to expand housing provident fund withdrawal rules. Effective Sept. 20, Beijing will remove the eligibility threshold for rent to exceed a prescribed portion of household income. The decree will also allow for withdrawal of the provident fund for new purposes.In company news, Zhejiang Chint Electrics (SHA:601877) logged photovoltaic installed capacity of over 28.9 gigawatts as of June 30, of which residential installed capacity comprised 26.0 gigawatts. Shares of the electrical equipment manufacturer rose 10% Thursday.
