RPT-WRAPUP 3-China stocks rise after surprise rate cut, yuan drops
(Repeats to widen distribution)
* SSEC index at 3-year high, CSI300 at 21-month peak
* Brokerages, property biggest gainers
* Banks end slightly firmer after initial fall
* Bond yields fall, yuan edges lower vs dollar
By Saikat Chatterjee and Pete Sweeney
HONG KONG/SHANGHAI, Nov 24 (Reuters) - Chinese stocks rose, with a key index hitting a three-year high, while bond yields fell on Monday, as markets cheered a surprise rate cut that investors hope may signal the start of a fresh cycle of aggressive policies to boost flagging growth.
The People's Bank of China (PBOC) cut one-year benchmark lending rates by 40 basis points to 5.6 percent late on Friday, taking market participants who had predicted more covert policy easing measures such as liquidity injections by surprise.