BEIJING: Chinese stocks opened higher on Friday after the central bank governor provided words of support to the country’s stock market.
The benchmarks Shanghai Composite Index move up 0.30 percent to open at 3,359.49. The Shenzhen Component Index opened at 11,680.47, up 0.39 percent.
The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, opened 0.13 percent higher at 2,020.66 points.
China’s central bank governor Zhou Xiaochuan said at a press conference on Thursday afternoon that there is a view that credit capital should not flow into the stock market, arguing that it is not supporting the real economic activities, he did not agree with the view.
“In China, businesses from many industries are getting financed through the stock market,” Zhou said. But he also warned there are some financial market speculations unrelated to the real economy.
