China Stocks rise on signs of economic recovery

The China share market finished session higher on Tuesday, 29 September 2020, as risk sentiments underpinned by hopes of a sustained domestic economic recovery after the World Bank projected growth in China to be at 2% this year, while the rest of the East Asia and Pacific region will see a 3.5% contraction. A likely sharp rebound in domestic travel consumer goods demand during the upcoming Golden Week holiday also boosted sentiment.

At closing bell, the benchmark Shanghai Composite Index added 0.21%, or 6.82 points, to 3,224.36. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 1.01%, or 21.57 points, to 2,148.46. The blue-chip CSI300 index climbed up 0.22%, or 9.89 points, to 4,591.80.

CURRENCY NEWS: China's yuan slipped against greenback on Tuesday, despite the central bank set a fixed firmer mid-point rate. Prior to the market's opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.8171 per dollar, up by 0.12% than previous day fix of 6.8252. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.8234, weaker by 0.19% from the previous day session close at 6.8106.

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