China Market gains 1.07%

The Mainland China share market finished session higher on Tuesday, 24 August 2021, as bargain hunters returned after the central bank said that it will stabilise credit supply to support the economy and smaller companies and reports that the U.S. Securities and Exchange Commission has begun issuing new disclosure requirements to Chinese firms looking to list in New York.

At closing bell, the benchmark Shanghai Composite Index surged by 1.07%, or 37.34 points, to 3,514.47. The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 0.77%, or 18.81 points, to 2,463.85. The blue-chip CSI300 index rose by 1.09%, or 52.51 points, to 4,888.39.

CURRENCY NEWS: China yuan was steady against the dollar on Tuesday, as firmer mid-point fixing by central bank and broad dollar strength amid growing risk aversion in global markets. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.4805 per dollar, its firmest in a week. In the spot market, the onshore yuan CNY=CFXS opened at 6.4797 per dollar on Tuesday and was changing hands at 6.4817 at midday, 1 pip weaker than the previous late session close.

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