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China stocks soar on lower Oct. inflation

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advance_11 November 9, 2011 (Chinavestor) China stocks soared in Hong Kong on Wednesday as inflation tamed in October well below forecast, raising hopes of monetary easing. The Hang Seng Index (INDEXHANGSENG:.HSI) surged 600.3 points or 3.0% for the day, way outperforming the Shanghai Composite Index (SHA:000001) for the day. Mainland investors reacted cautiously to October wholesale prices keeping in mind the words of Mr. Wen Jiabao, China's Premier saying that "easing is to come once property prices fell".

China's CPI fell to 5.5% year-over-year in October, a significant drop from 6.1% in September. Wholesale prices grew 5.7% in October, compared to 6.5% a month ago. Both numbers were three year lows raising hopes that monetary easing will follow. China has been raising banks' reserve ratios and interest rates several times in the past three years to rein in inflation and fight raising property prices. That policy hurt stock prices of Chinese financial institutions and kept broad indices at check for the last 24 months. But that may change as China needs monetary easing to compensate for slower manufacturing activity and to stimulate consumer demand when Europe, China's largest trading partner, is facing recession.

The Shanghai Composite Index (SHA:000001) stands 10% below its January level with a lot more upside potnetial than downside, investors consider. But upside for the Hang Seng Index (INDEXHANGSAENG:.HSI) is limited due to its exposure to western woes.

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