At close of trade, the benchmark Shanghai Composite Index dropped 0.28%, or 8.56 points, to 3,045.87. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.28%, or 5.56 points, to 1,950.02. The blue-chip CSI300 index was down 0.2%, or 7.81 points, to 3,828.22. for the week, the Shanghai Composite declined 3.85% and the CSI 300 Index was down 3.2%.
New analysis revealed the country is likely experiencing 1 million COVID infections and 5,000 virus deaths every day.
China is expecting a peak in COVID-19 infections within a week, a health official said, with authorities predicting extra strain on the country's health system even as they downplay the disease's severity and continue to report no new deaths.
CURRENCY NEWS: The Chinese currency declined against the U.S. dollar on Wednesday, despite firmer mid-point fixing by central bank. Prior to the market's opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.981 per dollar, 97 pips weaker than the previous fix 6.9713. In the spot market, the onshore yuan CNY=CFXS opened at 6.9966 per dollar and was changing hands at 6.9855 at midday, 21 pips stronger than the previous late session close and 0.06% away from the midpoint.
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