China Market ends 0.5% lower

September 20,2023

Mainland China share market finished session in the negative territory on Wednesday, 20 September 2023, as risk sentiment was dampened after the Asian Development Bank revised its projected economic growth for China to 4.9% from 5% in April, citing weak external demand and an ailing property market.

At close of trade, the benchmark Shanghai Composite index was down 0.52%, or 16.39 points, to 3,108.57. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.59%, or 11.25 points, to 1,893.40. The blue-chip CSI300 index decreased by 0.4%, or 14.81 points, to 3,705.69.

ECONOMIC NEWS: China Keeps Benchmark Lending Rates Unchanged- China kept benchmark lending rates unchanged at a monthly fixing on Wednesday, as fresh signs of economic stabilization and a weakening yuan reduced the need for immediate monetary easing. The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 4.20%.

CURRENCY NEWS: China's yuan was relatively steady against the dollar on Wednesday, despite stronger mid-point fixing by the central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1732 per dollar, 1 pips firmer than the previous fix at 7.1733. In the spot market, the onshore yuan CNY=CFXS was changing hands at 7.2975 around midday, remains near previous day's close

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