China Market gains 0.6%

The Mainland China share market finished session higher on Friday, 27 August 2021, on the back of the commerce ministry statement of more financial support for retail and trading firms and liquidity injection by central bank. However, market gains capped after reports that the government will propose new regulations targeting companies seeking foreign listing via units incorporated outside the country.

At closing bell, the benchmark Shanghai Composite Index added 0.59%, or 20.49 points, to 3,522.16. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.1%, or 2.54 points, to 2,439.69. The blue-chip CSI300 index added 0.53%, or 25.43 points, to 4,827.04.

 

China's central bank injected 50 billion yuan ($7.71 billion) through seven-day reverse repos into the banking system on Friday for the third straight session. The weekly total injection is a net 120 billion yuan, the largest since the start of February.

CURRENCY NEWS: China yuan was down against the dollar on Friday, after softer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.4863 per dollar prior to the market open, 0.21% down from the previous fix of 6.4730. In the spot market, onshore yuan was changing hands at 6.4834, weaker by 0.03% than the previous late session close at 6.4815.

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