China's northeast Heilongjiang province which borders Russia has become the new battleground against the coronavirus as authorities reported the highest number of new daily cases in nearly six weeks, driven by infected travellers from overseas.
New bank lending in China rose sharply to 2.85 trillion yuan ($405 billion) in March, with total social financing hitting a record as the central bank pumped in more liquidity and cut funding costs to support the coronavirus-ravaged economy. March data demonstrated the government has been quietly loosening policy more than what it may appear by looking at the magnitude of rate and RRR cuts.
Most sectors posted weak performances. Electronics and communications companies were among the top losers. Ronbay Technology (Ningbo Ronbay Lithium Battery Material Co Ltd), a high-tech new-energy material enterprise saw its shares slip by the daily limit of 10% to around 27 yuan.
Oil and gas related stocks lifted as a result of the recent oil price spike. Crude Oil benchmarks surged in Asian trade. The rally followed months of slumping prices after the Covid-19 outbreak sapped demand as countries around the world have put their populations under lockdown. A Saudi-Russian price war also saw the ramping up of production as both countries bid to hold on to market share and undercut US shale producers.
CURRENCY NEWS: China's yuan eased against the dollar on Monday, despite China central bank fixed firmer mid-point rate. Prior to market opening on Monday, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.03 per dollar, 54 pips or 0.08% firmer than the previous fix of 7.0354. In the spot market, onshore yuan CNY=CFXS opened at 7.0440 per dollar and was changing hands at 7.0468 at midday, 93 pips weaker than the previous late session close.
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