China shares continues winning streak

China shares continued to rise stubbornly Tuesday morning after hitting a new record high the previous day, shrugging off concerns over a raft of tightening policies announced by the central bank last Friday.

The key Shanghai index, which covers both A and B shares, opened 0.46 percent higher and passed 4,100 points for the first time in the morning session, ending at 4,114.28 points by noon.

Only some 200 out of about 1,400 stocks in both Shanghai and Shenzhen bourses saw prices dropping.

Property shares went up following the appreciation of yuan, with China Vanke gaining 3.31 percent to 17.15 yuan and Shanghai-based Shimao Holding Co. up 9.98 percent to 14.22 yuan.

But market jitters over updated record prices are also mounting up.

The central bank raised the benchmark interest rates and ordered commercial banks to set aside more money as reserves on Friday.

"By doing so, the People's Bank of China attempts to impose curbs on excessive investment and the speculative bubble on the stock market, but it is too early to say whether the move will be effective," said Yin Jianfeng, a financial expert with the Chinese Academy of Social Sciences.

The central parity rate for the yuan, also known as renminbi (RMB), reached 7.6551 to one U.S. dollar on Tuesday, gaining 101 basis points from the previous day's price of 7.6652 to the greenback.