NEWS： China's stock market gains central bank cut seven day reverse repo
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China equities closed higher on Monday as investors expected more stimulus measures to boost the economy after the central bank cut its seven-day reverse repo rate.
CSI300 rose 0.8 percent to 3907.93, while Shanghai Composite Index. SSEC rose 0.6 percent to 2909.20.
The central bank unexpectedly cut its seven day reverse repo rate on Monday for the first time in more than four years, a sign that the authorities are ready to take action to boost economic growth.
Analysts said the cut in the reverse repo rate showed the central bank wanted to ease investors' concerns that rising consumer price inflation would prevent the central bank from introducing new stimulus measures.
"I expect the PBOC to loosen its policy, but I don't know when," said a portfolio manager in Hong Kong. "Only pork prices are responsible for the high consumer price index (CPI). Everything else is very difficult. "
Traders and fund managers do not expect China's worst consumer inflation in nearly eight years to prevent the central bank from cutting a key interest rate next week, as slower growth is a bigger concern for policymakers.
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