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China stocks rise at open after central bank begins swap programme



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SHANGHAI, Oct 10 (Reuters) -China and Hong Kong share prices rose at open on Thursday after the People's Bank of China kicked off a swap programme aimed at lifting the stock market.

China's blue-chip CSI300 Index .CSI300 and the Shanghai Composite Index .SSEC both climbed 0.6% at market open. Hong Kong benchmark Hang Seng .HSI was up 2%.

The PBOC said on Thursday it would start accepting applications for its 500 billion yuan ($70.62 billion) swap facility from securities firms, funds and insurers - a move aimed at channelling more cash into the stock market.

Chinese stocks tumbled on Wednesday as investors booked profit after a blistering 10-day rally. The decline reflected investor disappointment over the lack of more powerful stimulus to revive the economy.

Investors are awaiting details on fiscal stimulus from a finance ministry press conference on Saturday.


China stocks rally strongly https://reut.rs/3ZQNtV0

China's benchmark stock index logs biggest daily gain since 2008 https://reut.rs/4dmrDfq


Reporting by Shanghai Newsroom

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