China Socks end softer

The Mainland China share market finished session softer on Friday, 05 March 2021, extending losses from a sell-off in global equities, as remarks from US Federal Reserve Chairman Jerome Powell failed to calm investors unnerved by the recent bond market volatility. However, market losses trimmed, as China on Friday restored its annual economic growth target, setting it at above 6%, and pledged to create more jobs in cities than last year, as the world's second-biggest economy emerged from a year disrupted by the effects of COVID-19.

At closing bell, the benchmark Shanghai Composite Index eased 0.04%, or 1.50 points, to 3,501.99. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.17%, or 3.93 points, to 2,298.60. The blue-chip CSI300 index fell 0.34%, or 17.91 points, to 5,262.80.

 

The National People's Congress, or China's annual legislative meeting, opened in Beijing. In a work report delivered by Premier Li Keqiang, China set a super low threshold on economic growth for 2021 at above 6 per cent. China also curtained its budget deficit to 3.2 per cent from 3.6 per cent a year ago.

CURRENCY NEWS: China's central bank on Friday set its official yuan midpoint at the weakest in two months to reflect broad strength in the dollar in global markets overnight. The People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.4904 yuan per dollar prior to the market open, 146 pips, or 0.22%, weaker than the previous fix of 6.4758. It was the weakest since Jan. 4. By midday, the yuan was changing hands at 6.4728, 20 pips weaker than the previous late session close

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