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BEIJING, Oct. 12 (Xinhua) -- Chinese shares surged on Monday, with the market gaining confidence from the central bank's latest move to expand a pilot program to ease monetary flows by cutting loan costs.
The benchmark Shanghai Composite Index went up more than 3 percent in the morning trading session.
China's central bank on Saturday announced it would expand the pilot program on credit-asset pledged lending to nine municipalities and provinces.
Before this, the scheme was tried out in Shandong and Guangdong, the People's Bank of China (PBOC) said in an online statement.
The nine municipalities and provinces are Shanghai, Tianjin, Liaoning, Jiangsu, Hubei, Sichuan, Shaanxi, Beijing and Chongqing.
The move is expected to cut borrowing costs and guide more funds into agriculture and small enterprises to boost the real economy, the PBOC said.
