Chinese shares rose on Tuesday as the country's central bank injected further liquidity into the banking system.
The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.9% to 3,870.02. The Shenzhen Component Index jumped 1.5% to 12,777.31. Both indices were up for a second straight session.
The People's Bank of China on Tuesday conducted a one-year medium-term lending facility worth 1 trillion yuan. The operation was made via a fixed-quantity, interest-rate bidding and multiple-price bidding method.
Also, the PBOC issued eighth and ninth tranches of central bank bills for the year through Hong Kong's Central Moneymarkets Unit. The three-month eighth tranche amounted to 30 billion yuan and has a 1.60% bid rate. The ninth tranche, which has a one-year term, was worth 15 billion yuan and has a winning bid rate of 1.54%.
In company news, Eaglerise Electric & Electronic China (SHE:002922) plans to launch an initial public offering on the Hong Kong Stock Exchange. Shares of the LED drivers and LED application products manufacturer rose 3% Tuesday.
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