At close of trade, the benchmark Shanghai Composite Index fell marginal 0.05%, or 1.49 points, to 3,194.03. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.11%, or 2.24 points, to 2,020.28. The blue-chip CSI300 index shed 0.76%, or 31.48 points, to 4,134.90.
Chinese authorities pledged to support for businesses hit by the worst COVID-19 outbreak. China will step up financial support for industries, companies and people affected by COVID-19 outbreaks, the central bank (PBOC) said on Monday. This came after data showed China's economy slowed in March as consumption, real estate and exports were hit hard, taking the shine off faster-than-expected first-quarter growth numbers.
China's state planner called on Tuesday for the implementation of policies to support the country's catering and retail sectors, as well as spending on new energy vehicles.
CURRENCY NEWS: China's yuan weakenned against the U.S. dollar despite firmer mid-point fixing by the central bank. Prior to market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 6.372 per dollar, 0.07% firmer than the previous fix at 6.3763. In the spot market, CNY=CFXS was changing hands at 6.3719 at midday, 0.08% softer from the previous late session close.
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