China Stocks end mixed

Mainland China share market finished subdued session with mixed note on Thursday, 02 February 2023, as some market participants to take profit on their long positions overshadowing government steps to reform the initial public offering system.

At close of trade, the benchmark Shanghai Composite Index rose marginal 0.02%, or 0.75 point, to 3,285.67. The Shenzhen Composite Index, which tracks stocks on China's second exchange, was down 0.05%, or 1.10 points, to 2,172.49. The blue-chip CSI300 index sank 0.35%, or 14.78 points, to 4,181.15.

China published draft rules on Wednesday to broaden the registration-based initial public offering (IPO) system, marking a big step towards reforming the world's second-biggest stock market.

Goldman Sachs and other global investment banks have raised their forecasts for the Chinese yuan this year on expectations that the country's economic reopening and Beijing's decision to relax property sector curbs will trigger strong capital inflows.

CURRENCY NEWS: China's yuan appreciated against the dollar on Thursday, inline with 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 6.7130 per dollar, 362 pips or 0.54% firmer than the previous fix of 6.7492, the strongest since July 11. In the spot market, the onshore yuan CNY=CFXS opened at 6.7060 per dollar and was changing hands at 6.7148, 287 pips firmer than the previous late session close.

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