HONG KONG Jan 21 China shares posted their
biggest daily gain of the year on Tuesday, rebounding from a
six-month low, as cash rates eased in the mainland after the
Chinese central bank offered emergency funds to ease the latest
China's money market rates fell sharply on Tuesday after the
People's Bank of China dumped more than 255 billion yuan ($42
billion) into the financial system, easing concerns that another
credit crunch was underway less than a month after a late
The CSI300 of the largest Shanghai and Shenzhen
A-share listings finished up 1 percent, led by financials, after
closing on Monday at its lowest since July 9.
It was its biggest single-day gain since Dec. 31.
The Shanghai Composite Index ended up 0.9 percent to
2,008.3 points, creeping back above the much-watched 2,000-point
level after closing below it on Monday for the first time since
Gains were not accompanied by a spike in volumes in
Shanghai. Instead, investors channeled funds towards the second
batch of eight initial public offerings that made their listing
debuts in Shenzhen, five of them on the ChiNext board.
The ChiNext Composite Index of startups in
mainly nascent industries such as technology soared 2.4 percent.
(Reporting by Clement Tan; Editing by Kim Coghill)