PBOC helps shares hit fresh high

Shanghai stocks soared to a fresh seven-year high yesterday, as China's central bank extended a medium-term lending facility (MLF) to ensure liquidity in the market.

The Shanghai Composite Index rose 2.13 percent to 3,577.3 points, the highest since May 19, 2008, when the index closed at 3,604.76.

The People's Bank of China has extended the term of the MLF valued at 500 billion yuan (US$80 billion) that was due this month. The MLF targets joint-stock commercial banks, city commercial banks and rural commercial banks.