China Market falls on debt crisis woes

The Mainland China share market finished session lower on Tuesday, 26 October 2021, as risk aversion selloff triggered on fresh worries about China's property sector debt crisis after Modern Land missed a bond payment. Meanwhile, worries over a planned pilot real estate tax scheme also dented sentiment.

At closing bell, the benchmark Shanghai Composite Index fell 0.34%, or 12.22 points, to 3,597.64. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.36%, or 8.83 points, to 2,424.39. The blue-chip CSI300 index decreased 0.33%, or 16.42 points, to 4,963.10.

CURRENCY NEWS: China's yuan appreciated against the U.S. dollar on Tuesday after firmer mid-point fixing by central bank and as talks between senior Chinese and U.S. officials renewed hopes of an improvement in trade ties, including possible tariff reductions. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.389 per dollar, 34 pips or 0.05% firmer than the previous fix of 6.3924. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.3830 at midday, 26 pips firmer than the previous late session close of 6.3832.

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