China Shares Close Higher as PBOC Maintains Benchmark Lending Rates; Olymvax Biopharmaceuticals Up 5%
Chinese shares closed higher on Monday as the country's central bank maintained benchmark lending rates.The Shanghai Composite Index, the main gauge of Chinese stocks, rose 1.8% to 4,163.18. The Shenzhen Component Index climbed 2.1% to 16,372.50.The People's Bank of China kept the one-year loan prime rate (LPR), which serves as the benchmark for most corporate and household loans, at 3.00%.The five-year LPR, the reference rate for residential mortgages, was maintained at 3.50%.Meanwhile, China's Commerce Ministry added 10 U.S. entities to its export control list over national security concerns. The ban, effective immediately, prohibits any export of dual-use items to these companies.The move follows Washington's recent addition of Chinese firms to a military-related company list, which the commerce ministry deemed as "wrongful."In company news, Chengdu Olymvax Biopharmaceuticals (SHA:688319) fully settled 87.4 million yuan in tax arrears and late fees following a tax authority ruling. Shares of the pharmaceutical company closed 5% higher Monday.
