Chinese shares rise on optimism about reform

|By:, SA News Editor

The Shanghai Composite has closed +1.7% and the Hang Seng +1.65% after senior Chinese economic official Yang Weimin said the government had approved a 20,000-word document at the Third Plenum this week about reforms involving 15 sectors.

"Every sentence is reform, every word packs a punch," Yang said. The document "seizes onto the most deep-seated problems in reforming our country’s economic system."

Investors were disappointed earlier this week by the lack of details in the government's initial pronouncements about its reform agenda.

ETFs - Stocks: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF, KFYP, HAO, ECNS. Bonds: DSUM, CHLC. Currency: CNY, CYB, FXCH