Leo Zhang/Shanghai Daily news

China's decision to allow its currency to appreciate spurred the country's stock markets yesterday amid optimism that the value of yuan-denominated assets will rise.
Airlines and raw material importers such as paper makers and oil refiners were among the big gainers as they are expected to pay less for overseas purchases.
Textile makers and shipping lines lost ground over concern the currency revaluation may hurt exports.
"Assets in listed companies are set to be more valuable," said Wu Jianxiong, a Guotai Junan Securities Co analyst. "The market will lure more investors, especially qualified foreign institutional investors."
The Shanghai Composite Index, which tracks all the companies listed on the city's bourse, advanced 2.52 percent to 1,046.32. The index for B shares, which are denominated in US dollars, jumped 7.15 percent to 55.01, the biggest single-session percentage gain since June 24, 2002.
The Shenzhen Composite Index, which tracks the nation's smaller market, rose 2.16 percent to 245.57.
China rescinded a decade-old peg between the yuan and US dollar on Thursday, allowing its currency to fluctuate within a narrow band against a market basket of unspecified currencies.
All 49 listed property developers gained ground yesterday with an average rise of more than 4 percent. The five banks listed in Shanghai and Shenzhen advanced more than 2 percent.
China Vanke Co, the country's biggest listed developer, soared 6.12 percent to 3.47 yuan (42.8 US cents). Shanghai Lujiazui Finance & Trade Zone Development Co, a developer in the city's key business district, was up 5.20 percent to 4.45 yuan.
China Merchants Bank Co, the country's largest listed lender, grew 3.96 percent to 6.57 yuan. Shanghai Pudong Development Bank Co, the third biggest, increased 3.28 percent to 8.18 yuan.
Shares of all four listed airlines went up while China Petroleum & Chemical Corp, Asia's biggest oil refiner, rose 5.80 percent to 3.83 yuan.
Minfeng Special Paper Co jumped by the 10 percent daily cap to 4.17 yuan as costs on imports of pulp may drop.
"Paper and petrochemical companies are obviously the beneficiaries," said Lin Xuenong, a Huaxia Securities Co analyst. "They can now use cheaper raw material to produce and sell products in the country."
Youngor Group Co, the nation's largest men's clothing supplier, dropped 1.75 percent to 3.36 yuan. China Shipping Development Co, the nation's biggest oil carrier, edged down 0.48 percent down to 6.23 yuan.
"Exporters are likely to become bogged down in a correction pattern for quite some time," said Zhang Li, a Huatai Securities Co analyst.