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China shares have biggest gain in 2 months, property lifts

Wednesday, 22 Jan 2014 | 2:06 AM ET

HONG KONG, Jan 22 (Reuters) - China shares had their best day in two months on Wednesday as volumes surged, with the battered property sector leading an extension of a rebound as cash rates eased further in the mainland.

The CSI300 of the biggest Shanghai and Shenzhen A-share listings ended up 2.6 percent at 2,243.8 points, while the Shanghai Composite Index climbed 2.2 percent. The gains were the biggest in a single day since Nov. 18, and helped the indexes bounce further from multi-month lows recorded on Monday.

Gains came in the strongest Shanghai volumes since Dec. 16 that was also nearly 40 percent above its 20-day moving average.

The People's Bank of China pledged on its twitter-like Weibo account late on Tuesday to ensure stability in the money markets after it had earlier dumped 255 billion yuan ($42 billion) into the interbank market, its first injection since Dec. 24 and the largest amount in one day in 11 months.

(Reporting by Clement Tan; Editing by Jacqueline Wong)