At closing bell, the benchmark Shanghai Composite Index rose marginal 0.03%, or 1.05 points, to 3,517.35. The Shenzhen Composite Index, which tracks stocks on China's second exchange, declined 0.58%, or 14.38 points, to 2,454.36. The blue-chip CSI300 index was down 0.1%, or 4.91 points, to 4,941.07.
The retreat in the market was driven by the disappointing data that fueled concern about growth momentum in China. The National Bureau of Statistics of China reported that China's retail trade rose by 8.5% year-on-year in July 2021, easing from a 12.1% gain in the previous month. China's industrial production grew by 6.4% year-on-year in July, lower than the 8.3% growth recorded the previous month. On the other hand, fixed-asset investment increased by 10.3% in the first seven months of the year.
ECONOMIC NEWS: China Retail Sales Growth Slows Sharply In July- China's retail trade rose by 8.5% year-on-year in July 2021, easing from a 12.1% gain in the previous month, the National Bureau of Statistics of China reported. This was the weakest rise in retail sales since December 2020, as consumption moderated during the latest COVID-19 outbreaks in some provinces. In the January to July period, retail sales jumped 20.7% compared to the same period of 2020.
CURRENCY NEWS: China yuan softened against the dollar on despite firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate at a 10-day high of 6.4717 per dollar, 82 pips or 0.13% firmer than the previous fix of 6.4799. In the spot market, onshore yuan was changing hands at 6.4775, weaker by 8 pips than the previous late session close.
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