At close of trade, the benchmark Shanghai Composite Index was up 0.72%, or 23.49 points, to 3,284.16. The Shenzhen Composite Index, which tracks stocks on China's second exchange, was up 1.19%, or 25.82 points, to 2,190.54. The blue-chip CSI300 index shed 0.91%, or 37.26 points, to 4,143.57.
ECONOMIC NEWS: New home sales in 16 selected Chinese cities, as measured by floor area, were 40.9% greater during Feb. 5-11 than in the previous seven days, China Index Academy, one of the country's biggest independent real estate research firms, said on Monday. For Jan. 29-Feb. 4, weekly growth was 707.3%. Home sales in tier-one cities, including Shanghai and Beijing, rose 72% last week from a week earlier. Sales in Shanghai rose 103.8% week-on-week and in Beijing by 65.7%. Sentiment has been steadily recovering in recent weeks helped by the government's aggressive support measures late last year.
New bank loans in China jumped to a record 4.9 trillion yuan ($720.21 billion) in January, from 1.4 trillion yuan in December and above the previous monthly record of 3.98 trillion yuan in January 2022, according to data released by the People's Bank of China (PBOC) on Friday, as the central bank looks to kickstart a recovery in the world's second-biggest economy after the lifting of harsh pandemic controls.
CURRENCY NEWS: China's yuan softened against the dollar on Monday, as softer 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 6.8151 per dollar, weaker than the previous fix of 6.7884. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.8293 at midday, 135 pips weaker than the previous late session close and 0.21% away from the midpoint.
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