(MENAFN- ProactiveInvestors)
Chinese stocks rose again yesterday after Premier Li Keqiang said the government will ensure an “appropriate” pace of growth and avoid a hard landing.
The Shanghai Composite Index rose 0.6% to 3343.34 at the close.
Premier Li said that while China’s economy will face pressures in 2015 there won’t be a systemic financial risk and authorities will seek to improve the quality of growth to ensure an appropriate pace of expansion.
In addition the People’s Bank of China conducted its first reverse-repurchase operation in a year adding money to the financial system a day after saying it rolled over a 269.5 billion yuan (A$54.1 billion) lending facility to banks.
Mainland stocks have been volatile this week with the Shanghai gauge plunging 7.7% on Monday in reaction to new margin trading rules before rebounding 7.3% over the subsequent three days after the securities regulator said it wasn’t trying to curb equity trading through the regulations.
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