China Market slips for fourth straight session

The Mainland China share market finished lower for fourth straight session on Friday, 07 January 2022, as weakness in technology stocks overshadowed the rebound in property shares. At close of trade, the benchmark Shanghai Composite Index declined 0.18%, or 6.54 points, to 3,579.54. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 1.15%, or 28.51 points, to 2,452.82. The blue-chip CSI300 index added 0.09%, or 4.14 points, to 4,822.37.

Chinese property developers rallied on speculation their mergers and acquisitions will be exempted from Beijing's stringent three red lines policy, which caps leverage and debt-funded expansion.

CURRENCY NEWS: China's yuan was up against the U.S. dollar on Friday despite weaker mid-point fixing by the central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3742 per dollar, 14 pips weaker than the previous fix at 6.3728. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3760 around late afternoon, 70 pips away from the previous late session close.

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