At close of trade, the benchmark Shanghai Composite Index advanced 1.55%, or 50.04 points, to 3,278.10. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.48%, or 31.96 points, to 2,191.96. The blue-chip CSI300 index was up 1.04%, or 44.06 points, to 4,292.59.
PBOC Governor Yi Gang pledged that the central bank will "increase implementation of prudent monetary policy" to support the real economy, which is facing downward pressure due to COVID-19 and external shocks.
Chinese regulators on Sunday urged banks to extend loans to qualified real estate projects and meet developers financing needs where reasonable, in an effort to ease concerns triggered by a widening mortgage-payment boycott on unfinished houses.
CURRENCY NEWS: China's yuan appreciated against the U.S. dollar, as firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.7447 per dollar, 56 pips firmer than the previous fix 6.7503. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.7463 at midday, 117 pips firmer than the previous late session close.
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