Market losses were, however, limited, due to property relaxation steps announced by a top-tier cities and the International Monetary Fund upgrade of domestic economic growth forecasts. The IMF upgraded its gross domestic product growth forecast for China to 5% from 4.6% in 2024 following an increase in first-quarter data and recent policy measures.
At close of trade, the benchmark Shanghai Composite index declined by 0.62%, or 19.34 points, to 3,091.68. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.46%, or 8.02 points, to 1,726.12. The blue-chip CSI300 index decreased by 0.53%, or 19.21 points, to 3,594.31.
CURRENCY NEWS: Chinas yuan hovered near a 6-month low against the dollar on Thursday, as the country's central bank set slight lower official guidance rate. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1111 per dollar, 0.01% softer than the previous fix of 7.1106. In the spot market, the onshore yuan CNY=CFXS yuan opened at 7.2486 per dollar and was changing hands at 7.2495 at midday, unchanged from the previous late session close and 1.95% away from the midpoint.
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