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Chinese shares open slightly higher on interest rates cut

(Xinhua)
Updated: 2008-12-23 10:08

Chinese shares opened slightly higher Tuesday, on the central bank's cut on loan and deposit rates by 0.27 percentage points Monday, effective Tuesday.

It was the fifth time the People's Bank of China, the central bank, has cut rates since September this year, the latest move to buoy the economy.

The benchmark Shanghai Composite Index, which covers both A and B shares, gained 0.12 percent, or 2.29 points, to 1,990.05 at the opening.

The smaller Shenzhen index was up 0.21 percent, or 15.07 points, to open at 7,310.19 points.