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FTSE 100 rebounds markedly on China's monetary policy

Xinhua, August 26, 2015 Adjust font size:

FTSE 100 Index, British benchmark stock market gauge, Tuesday increased markedly by 3.09 percent, or 182.47 points, to 6081.34, as China's central bank lowered interest rate and reserve requirement ratio (RRR).

On Monday, FTSE 100 dropped sharply by 4.67 percent.

The People's Bank of China Tuesday announced that from Wednesday, interest rates for one-year lending and deposits will be cut by 25 basis points, or 0.25 percentage points, to 4.6 percent and 1.75 percent respectively.

On Sept. 6, the RRR for financial institutions will be cut by 50 basis points; the RRR for financial leasing companies and auto financing companies will be lowered by 300 basis points.

Chinese central bank said in a statement that the move is to "promote steady growth and structural adjustments."

Mining giant Antofagasta topped the gainers of London blue chip with an advance of 8.72 percent.

London Stock Exchange Group, St James's Place, Barratt Developments and Schroders increased by 6.96 percent, 6.40 percent, 5.76 percent and 5.64 percent respectively.

Only three of the index's 101 components closed lower. Among them, Randgold Resources dropped by 3.54 percent, topping the losers. Fresnillo closed lower by 0.70 percent and Royal Mail by 0.28 percent.

Trading volume in FTSE 100 companies was around 80 percent larger than the 30-day average. And the index has lost 4.47 percent so far this year. Endit