The PBOC said it would keep monetary policy appropriately accommodative and increase financial support to boost domestic consumption, while acknowledging the gap between strong production and weak consumer demand. The central bank kept interest rates and the reserve requirement ratio (RRR) unchanged, focusing instead on improving its policy framework and transmission.
On the economic front, China's annual consumer inflation eased to 1% in June from 1.2% in May, marking a three-month low. Meanwhile, producer inflation accelerated to 4.1% from 3.9%, reaching its highest level since July 2022.
Technology and semiconductor stocks led the market gains. Cambricon Technologies rose 8.59%, Hygon Information Technology gained 5.97%, SMIC advanced 13.74%, GigaDevice Semiconductor climbed 10%, Zhongji Innolight added 5.9%, Eoptolink Technology increased 6.78%, and NAURA Technology rose 9.49%.
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