China stocks jump after PBOC says correction "almost over", HK extends rebound

lunes 12 de octubre de 2015 00:38 GYT

* CSI300 +3.5 pct; SSEC +3.4 pct; HSI +1.4 pct

* China expand bank re-lending scheme

* Upcoming five-year plan boosts stimulus hopes

SHANGHAI, Oct 12 (Reuters) - China shares jumped over 3 percent on Monday to their highest level in seven weeks after the central bank took fresh steps to inject liquidity into the struggling economy and said the stock market's correction "is almost over".

Investors were also in a buying mood ahead of the 13th five-year economic plan to be announced later this month, expecting stimulus and other growth measures.

Hong Kong stocks were firmer too, extending last week's 4.4 percent rebound on subdued expectations of a U.S. rate hike this year and a recovery in global commodity prices.

On the mainland, the CSI300 index rose 3.5 percent to 3,458.08 points by midday, while the Shanghai Composite Index gained 3.4 percent, to 3,290.62 points.

Both were at their highest levels since Aug. 24, though still down more than 30 percent from their mid-June highs.

The People's Bank of China's said at the weekend that it would expand a pilot scheme that allows banks to borrow money from the central bank using high quality credit assets as collateral.   Continuación...