Key indices on Wednesday opened in green due to overnight rally in US stocks. The global cues became positive after the Chinese President Xi pledge to lower curbs on foreign ownership.
Key indices on Wednesday opened in green due to overnight rally in US stocks. The global cues became positive after the Chinese President Xi pledge to lower curbs on foreign ownership.
Sensex climbs 60 points, Nifty50 holds above 10,400 mark. At 9:43, Sensex was down by 50.88 points to trade at 33,829.37 while Nifty fell 24.60 points at 10,378.40. Among the early gainers were ONGC which went up by two per cent.
China will allow domestic and foreign financial firms to compete on an equal footing and "sharply" expand the business scope for foreign banks, central bank governor Yi Gang said on Wednesday.
The pledge, made at the annual Boao Forum for Asia in southern Hainan province, echoed previous promises from Beijing to open the financial sector but comes at a time of heightened pressure on China from the United States over trade and access to China's markets.
On the trade front, Yi said China and the United States should deal with their trade issues in a rational way, and added that the central bank would not let the yuan depreciate.
Yi, who became governor of the People's Bank of China (PBOC) last month, said China would allow foreign investors into trust, financial leasing, auto finance and consumer finance by the end of the year.
The government would also not set foreign ownership limits for investment in wealth management companies set up by commercial banks by the end of 2018.
Asian stocks rose modestly on Wednesday, paring earlier gains as optimism that trade ties between Washington and Beijing were on the mend gave way to questions about the next phase of the diplomatic tit-for-tat between the two countries.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.35 percent higher. It gained 1.2 percent the previous day after a speech by Chinese President Xi Jinping was seen as striking a more conciliatory stance following a week of tit-for-tat tariff threats between Beijing and Washington.
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