China’s stock market hits two-month high

The Shanghai Composite Index reached its highest level since August

New York /
Oct.October 26, 2015 01:26 PM

China’s stocks hit a two-month high on Monday, following six rounds of interest rate cuts this year and just as the Communist Party kicks off its fifth plenary session.

The Shanghai Composite Index reached its highest level since August, closing at 3,429.58 on Monday, Bloomberg reported.  The .5 percent increase follows the government’s concerted effort to curb the market’s fall since July, which has included a string of interest rate cuts aimed at boosting lending, as well as reigning in short selling and futures trading.

The People’s Bank of China, the country’s central bank, on Friday also cut its benchmark lending rate by 25 basis points and its reserve-requirement ratios for lenders by 50 basis points, the website reported.

The uptick is a welcomed, if only slight, reprieve from the market’s plunge in July, when China devalued its currency by 1.9 percent against the dollar. It remains to be seen how China’s market woes will impact New York City real estate — often viewed as an investment safe haven — in the longterm.

At the plenum — the fifth of seven sessions held by the Communist Party’s Central Committee — leaders are expected to plan out various measures for the next five years, including breaking up currency controls and paving the way for non-bank foreign financial firms, the website reported. [Bloomberg]Kathryn Brenzel


Related Articles

arrow_forward_ios
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Parkview’s Paul Rahimian with 1800 Avenue at Port Imperial (LinkedIn, Handel Architects)
Lender plans unusual loan sale on Chinese developer’s troubled NJ project
Lender plans unusual loan sale on Chinese developer’s troubled NJ project
Airbnb's Brian Chesky (Getty, iStock)
China’s internet sanctions drive out Airbnb
China’s internet sanctions drive out Airbnb
Chinese President Xi Jinping (Getty)
China bans government elites from holding overseas real estate assets
China bans government elites from holding overseas real estate assets
Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Vanke US, Getty, M18 Public Relations)
With Aby Rosen out, Chinese developer slashes Midtown condo prices
With Aby Rosen out, Chinese developer slashes Midtown condo prices
80 South Street and Oceanwide Holding's Lu Zhiqiang (ATCHAIN, Getty)
Oceanwide loses control of Manhattan supertall site
Oceanwide loses control of Manhattan supertall site
Parkview’s Paul Rahimian and 1800 Avenue at Port Imperial (Parkview Financial, Handel Architects, Illustration by Kevin Cifuentes for The Real Deal)
Chinese developer Hongkun faces foreclosure on luxury NJ condo
Chinese developer Hongkun faces foreclosure on luxury NJ condo
Wu Xiaohui, former chairman, Anbang, in front of Westin St. Francis (left) and JW Marriott Essex House (right) (Getty Images, Flickr user: Eric Molina - via Wikimedia Commons, MusikAnimal - via Wikimedia Commons, iStock)
Moody’s trims $137M on Westin St. Francis valuation
Moody’s trims $137M on Westin St. Francis valuation
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...