Stock exchanges see strong rebound

Stock markets in the Chinese mainland saw a strong rebound and robust turnover on Wednesday, amid a decline in money-market rates.

The benchmark Shanghai Composite Index rose by 43.44 points or 2.16 percent to 2,051.75 points on Wednesday. The Shenzhen Component Index jumped by 227.03 points or 2.99 percent to 7,820.45 points.

Combined turnover on the two bourses on Wednesday was 216.09 billion yuan ($35.70 billion), increasing from Tuesday's 149.13 billion yuan.

Investors welcomed a fresh injection of funds worth 255 billion yuan into the money market by the People's Bank of China (PBC) on Tuesday.

After the cash injection, China's money-market rates declined on Wednesday. The benchmark seven-day repurchase rate (repo), a gauge of liquidity in the financial system, dropped by 26 basis points to 5.29 percent by close of trade after falling 105 basis points on Tuesday.

The gain on Wednesday was led by developers, liquor makers, lottery-related firms and financial companies.

The financial sector performed strongly on Wednesday. Ping An Bank Co closed up by 3.78 percent at 11.79 yuan and CITIC Securities Company surged by 3.16 percent to 12.08 yuan.

The property sector jumped by 4.47 percent on Wednesday after China's economic planning body, the National Development and Reform Commission, said it had submitted its draft plan for urbanization to the State Council for approval.

Shanghai-listed Gree Real Estate Co and Shenzhen-listed Jinke Property Group Co climbed by the daily limit of 10 percent to 8.68 yuan and 7.92 yuan, respectively.

Kweichow Moutai Co soared by 5.65 percent to 134.17 yuan, amid a rise in demand for high-end liquor before the Spring Festival holidays.

On Wednesday, Anhui Yingliu Electromechanical Co became the 10th new listing in mainland stock markets since the recent resumption of IPO approvals. The company jumped 34.06 percent from its IPO price to 11.10 yuan at the close.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, touched a new record level of 1,432 points during trading on Wednesday before closing up by 24.59 points or 1.75 percent at 1,431.74 points.