Chinese shares jump 2.49% to regain 2,800-point level
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Chinese shares continued their upward trend Monday and regained the 2,800-point level as daily turnover hit its highest level this year.
The benchmark Shanghai Composite Index rose 2.49 percent, or 68.2 points, to close at 2,806.94.
The Shenzhen Component Index gained 2.74 percent, or 326.28 points, to end at 12,237.65.
Combined turnover surged to 425.58 billion yuan (63.77 billion U.S. dollars) from 283.42 billion yuan the previous trading day.
Gainers outnumbered losers 623 to 256 in Shanghai and 619 to 450 in Shenzhen.
Turnover in Shanghai and Shenzhen Monday was the most in a single day since December, after government remarks eased investor concerns about rapid currency appreciation, inflation and interest rate hikes.
Zhou Xiaochuan, governor of the People's Bank of China, China's central bank, said Sunday China will continue to reform the formation mechanism of its currency exchange rate but the appreciation of China's currency will be gradual.
Affected by the news, financial shares gained, with Industrial and Commercial Bank of China, the country's biggest lender, gaining 2.19 percent to 4.2 yuan per share.
Bank of China, the nation's third-largest lender by assets, gained 1.18 percent to 3.42 yuan per share.
Property stocks also posted gains. China Vanke Co., the nation's biggest listed property developer, gained 4.74 percent to close at 8.84 yuan per share. Poly Real Estate Group Co., the country's second-largest developer by market value, jumped 5.5 percent to finish at 13.42 yuan per share.
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