Chinese stocks rise despite IPO concerns

Chinese stocks climbed Monday despite concerns over regulators reportedly resuming approval of new initial public offerings next month, Bloomberg reported. The stock gains came from a combination of investment in Chinese banks, property price increases, a forecast from Credit Agricole (ACA.EPA) that banks’ reserve-requirement ratios would be cut and the China Securities Journal reporting that the central bank may cut interest rates. Central Huijin Investment bought shares of Industrial and Commercial Bank of China (1398.HKG, 601398.SHA) giving it a 1% boost while Ping An Bank (000001.SHE) rose 2.6%. Gree Electric Appliances (000651.SHE) led consumer company gains and China’s largest developer China Vanke (200002.SHE) rose 1.1%.