Leo Zhang/Shanghai Daily news

Shanghai shares advanced for a third day yesterday after a news report said three domestic brokers received bank loans to ease their capital crunches.
The Shanghai Composite Index, which covers yuan-denominated A shares and foreign-currency B shares, rose 1.20 percent to 1,152.53.
The A-share Index increased 1.19 percent to 1,211.02, and the B-share Index went up 1.61 percent to 66.25.
"The loans will give capital-strapped brokers a shot in the arm," said Lu Chengde, a Guosen Securities trader. "Some of the funds may be used to buy stocks directly as the government wants to wriggle out of a tight money supply on domestic bourses."
China Merchants Securities Co received 350 million yuan (US$43.16 million) in loans from China Construction Bank, Shanghai Securities News reported yesterday, citing unidentified officials.
Oriental Securities Co picked up a loan of 600 million yuan and Huatai Securities Co got 500 million yuan from the Industrial and Commercial Bank of China, according to the paper. The debts carry an interest rate of 3.87 percent, the paper said.
The move was the latest government attempt to overhaul a brokerage sector riddled by scandals and bankruptcies.
China Jianyin Investment Ltd, the central bank's investment arm, plans to issue 10 billion yuan in bonds in the third quarter for a national bailout of securities companies.