China Market rises for 2nd day

September 23,2021

The Mainland China share market finished higher for second straight session on Thursday, 23 September 2021, as risk sentiments lifted up on receding fears of a corporate collapse after embattled property giant China Evergrande reached settlement with mainland bondholders. Meanwhile, People Bank of China liquidity meanwhile infusion worth 110 billion yuan also supported trading sentiment.

At closing bell, the benchmark Shanghai Composite Index advanced 0.38%, or 13.7 points, to 3,642.22. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.46%, or 11.31 points, to 2,451.36. The blue-chip CSI300 index inclined 0.65%, or 31.43 points, to 4,853.20.

Cash-strapped developer China Evergrande Group held an internal meeting late on Wednesday, in which its chairman urged company executives to ensure the quality delivery of properties and redemption of wealth management products.

The PBOC injected a net 110 billion yuan through reverse repo operations into the banking system on Thursday to boost liquidity at quarter-end and ahead of the week-long National Day holiday starts on Oct. 1. Prior to Thursday, the PBOC had injected 90 billion yuaninto the banking system on Wednesday.

CURRENCY NEWS: China's yuan was lower against the U.S. dollar on Thursday after softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4749 per dollar, weaker by 0.09% from the previous fix of 6.4693. In the spot market, the yuan CNY=CFXS was stood at 6.4655, down by 0.03% or 21 pips from the previous late session close of 6.4634.

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