Shanghai bucks yesterday's worldwide sell-off, rising 1% following the (somewhat of a) surprise...

|By:, SA News Editor

Shanghai bucks yesterday's worldwide sell-off, rising 1% following the (somewhat of a) surprise PBOC rate cut. Industrial companies and developers led the gains, but banks tumbled as part of the PBOC move included allowing lenders more room to compete with one another, likely cutting into the cozy relationships that allowed for easy banking profits.