China stocks up over 2% as state margin lender cuts borrowing cost
Hong Kong markets also edged up on Monday on the back of the upside in Chinese stocks.
China stocks rose on Monday after the state margin lender announced the resumption of a portion of its short-term lending business and cut borrowing costs for brokerages.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.4% to 3,249.44 points, while the Shanghai Composite Index gained 2.2% to 3,018.80.
Financial stocks such as brokerages led indexes higher, with the CSI300 financial sub-index gaining 3.3%.
Hong Kong shares edged up on Monday after mainland markets were buoyed by an announcement that the state margin lender would resume some of its short-term lending business and cut borrowing costs for brokerages.
The Hang Seng index rose 0.1%, to 20,684.15, while the China Enterprises Index gained 0.5%, to 8,928.65 points.
Total trading volume of companies included in the HSI index was 1.6 billion shares.