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Chinese shares rise on moderately loose monetary policy promise

(Xinhua)
Updated: 2009-07-30 16:25

BEIJING: Chinese equities recovered Thursday from Wednesday's plunge after the central bank pledged Wednesday night to firmly stick to the moderately easy monetary policy and consolidate the recovery momentum of the economy.

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The benchmark Shanghai Composite Index rose 1.69 percent, or 55.13 points, to finish at 3,321.56.

The Shenzhen Component Index gained 1.54 percent, or 201.94 points, to end at 13,272.53.

Combined turnover shrank to 337 billion yuan (about $49.32 billion) from Wednesday's record high of 429.1 billion yuan.

Chinese shares ended 5 percent lower Wednesday, as investors cashed in on hefty gains of the past five trading days.