China stocks rise on debt swap plan, credit expansion; Hong Kong also up
* CSI300 +0.4 pct; SSEC 0.4 pct; HSI 0.3 pct
* CSI, SSEC see strong gains on the week, HK falls
* Banks extend ruse after China unveils debt swap details
* Inventors encouraged by faster-than-expected credit expansion
SHANGHAI, March 13 (Reuters) - China's main stock indexes rose to two-month highs on Friday, fuelled by a second-day surge in banking shares after Beijing unveiled details of a local government debt swap scheme which analysts say would bolster lenders' balance sheets.
Investors were also encouraged by unexpectedly strong credit expansion in February and remarks by central bank governor Zhou Xiaochuan on Thursday that showed government support for the stock market.
China's finance ministry said late on Thursday that more than half of the high-interest local government debt falling due in 2015, totalling 1 trillion yuan ($159.80 billion), will be covered under an impending debt swap, into official municipal or provincial debt.
"This is really good news for banks, because after the swap, these debts get quasi-state backing and the risks of default are greatly reduced," said Luo Wenbo, analyst at Qilu Securities Co.
Banking shares, which surged more than 5 percent on average on Thursday in expectation of the announcement, extended gains on Friday, boosting benchmark indexes. Continuación...