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China's shares closed on an upward note yesterday with bank counters bouncing higher after regulators said they would allow domestic lenders to issue subordinated bonds to shore up their capital bases.

But the market ignored US President George W. Bush's blunt warning delivered to Taiwan against changing the status quo by holding a referendum - seen by the Chinese mainland as a separatist step taken by a handful of separatists.

The benchmark Shanghai composite index, grouping hard-currency B shares for foreigners and yuan-denominated A shares, climbed 1.81 per cent to 1,469.422 points.

Tsann Kuen (China) Enterprise Co Ltd, the only Taiwan-controlled firm listed in China, saw its B shares edge down 0.24 per cent to HK$4.12 (53 US cents).

Taiwan-funded Zhejiang King said yesterday it would issue 274 million yuan (US$33.1 million) worth of China's yuan-denominated A shares next week in the first listing on the main bourses of a company controlled by investors from the island.

On Tuesday, the China Banking Regulatory Commission said it will allow banks to recapitalize by issuing unsecured long-term subordinated bonds to boost their capital base.

It would free China's banks to resort to long-awaited bond issues to raise funds, an alternative to government capital injections or share sales to investors, analysts said.

"The move sparked buying among bank stocks, with the laggards in a recent rally, as it will help banks expand financing channels and relieve fund-raising pressures on the market," Wang said.

China Merchants Bank Co Ltd, the country's largest listed bank by capitalization, jumped 5.49 per cent to 10.56 yuan (US$1.30), making it one of the day's most active counters.

Pudong Development Bank rose 3.44 per cent to 9.91 yuan (US$1.20), Huaxia Bank gained 2.35 per cent to 6.96 yuan (84 US cents), Minsheng Banking Corp rose 3.19 per cent to 9.06 yuan (US$1.10) and Shenzhen Development Bank added 2.37 per cent to 8.62 yuan (US$1.04).

Yesterday's gain in the broad market extended a rally over the past three weeks in which the Shanghai index has risen 11 per cent since November 19.

But brokers said corrections would set in and slow down the uptrend, as a fund shortage still weighs on the market due to year-end book settlements.

On the foreign exchange market, the yuan ended three notches firmer against the US dollar at 8.2768, remaining near the stronger end of its managed trading range.

The yuan strengthened to 7.7072 against 100 Japanese yen from 7.7175 and weakened against the euro to 10.1200 from 10.1173.

In the futures market, Shanghai copper futures closed almost unchanged yesterday as Chinese investors were reluctant to trade heavily before the London Metals Exchange (LME) showed a clearer trend, traders said.

Shanghai's most active July futures inched down 40 yuan (US$4.80) to 22,150 yuan (US$2,676) a ton, retreating from a 190 yuan (US$22.90) gain in early trade after the LME failed to show signs of a continued rise in Asian trade, traders said.

Almost all others contracts closed between 40 yuan (US$4.80) up and the same amount down. Volume fell to 147,570 lots from Tuesday's 219,218 lots.

Traders said market sentiment in Shanghai remained bullish after recent gains on domestic and overseas metal markets, and local prices had the potential to rally further if the London market showed signs of a renewed uptrend.

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