Longtop Financial Technologies jumps 14% on new Chinese bank project

Longtop Financial Technologies Limited (NYSE:LFT) shares hopped 14% Wednesday after the financial software developer announced it will create a foreign exchange payment and clearing system for one of China’s joint stock banks. The system will help meet the People’s Bank of China’s requirement that Chinese banks be able to take foreign exchange payments and settlements between themselves within China, the China-based company said. The company also reaffirmed its 2009 guidance, saying that the there is strong demand for its products.

On Wednesday, shares of Longtop Financial Technologies traded at $16.10, up $2.02 from Tuesday’s close.

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