Market participants chased for the companies' potential inclusion in a new Beijing stock exchange after Chinese President Xi Jinping announced late last week that the capital city would launch the country's third stock exchange to help small and medium-sized businesses raise capital.
At closing bell, the benchmark Shanghai Composite Index added 1.12%, or 40.13 points, to 3,621.86. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 2.03%, or 49.07 points, to 2,463.36. The blue-chip CSI300 index advanced 1.87%, or 90.67 points, to 4,933.73.
CURRENCY NEWS: China's yuan strengthened against the U.S. dollar on Monday, after firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at a more than 2-1/2-month high of 6.4529 per dollar, 48 pips or 0.07%, stronger than the previous fix of 6.4577. In the spot market, onshore yuan CNY=CFXS opened at 6.4550 per dollar and was changing hands at 6.4546 at midday, 39 pips firmer than the previous late session close.
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