US, WASHINGTON (ORDO NEWS) — Chinese stocks rose Monday after the Central Bank cut its key interest rate a second time in a year in an attempt to help rebuild the economy hit by the coronavirus epidemic.
China lowered its key lending rate on Monday, as expected, in order to reduce the cost of borrowing for companies and support the economy.
The Shanghai Composite Index rose 0.5% to 2.852.55 points, while the CSI300 Blue Chip Index added 0.36% to 3.853.46 points.
The financial sector subindex climbed 0.2%, the consumer goods sector added 0.38%, the real estate index fell 0.39%, and the health sector grew 0.7%.
The ChiNext Composite startup index rose 1.12%.
The rise was led by shares of Sichuan Xichang Electric Power Co, Shanghai Sanmao Enterprise Group Co and North China Pharmaceutical Co, which rose 10.05%, 10.03% and 10.02% respectively.
The Hong Kong index fell 0.21% to 24.330.02 points, while the Hang Seng China Enterprises index added 0.09% to 9.824.42 points.
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