China Market rises 2%

Mainland China share market finished session sharply higher on Monday, 20 February 2023, led by property stocks, after the country's central bank kept its benchmark lending rates unchanged for the sixth straight month in February.

At close of trade, the benchmark Shanghai Composite Index advanced 2.01%, or 64.85 points, to 3,288.87. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.68%, or 35.60 points, to 2,160.79. The blue-chip CSI300 index gained 2.41%, or 97.08 points, to 4,131.59.

Shares of property developers advanced. China Vanke shares gained 2.8% while China Merchants Shekou Industrial Zone rose 3.3%. Chinese developer Gemdale also gained 3.2%.

CURRENCY NEWS: China's yuan edged down against the dollar on Monday despite firmer mid-point fixing by China's central bank. Prior to market opening, the People's Bank of China (PBOC) set the yuan's midpoint rate CNY=PBOC at 6.8643 per U.S. dollar, slightly firmer than the previous fix 6.8659. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.8668 at midday, 7 pips softer from the previous late session close.

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