China Market ends slight up

Mainland China share market finished session tad higher on Tuesday, 21 February 2023, as optimism over more government spending measures after the People's Bank of China had on Monday held its key mortgage lending rates at historical lows, as it strives to shore up local economic growth.

However, market gains capped amid worried about the escalation of the Ukraine conflict after Joe Biden made a surprise visit to Ukraine to see President Zelenskiy which comes just after China had talked of a peace plan for the Ukraine-Russia conflict.

At close of trade, the benchmark Shanghai Composite Index advanced 0.49%, or 16.19 points, to 3,306.52. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.198%, or 4.11 points, to 2,165.77. The blue-chip CSI300 index gained 0.26%, or 10.86 points, to 4,144.35.

 

CURRENCY NEWS: China's yuan edged down against the dollar on Tuesday 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 6.8557 per dollar, 86 pips or 0.13% firmer than the previous fix of 6.8643. In the spot market, the onshore yuan opened at 6.8605 per dollar and was changing hands at 6.8692 at midday, 129 pips weaker than the previous late session close

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