China Stocks mostly higher on steady lending benchmark rates

Mainland China shares mostly higher on Monday, with the Shenzhen Composite and CSI300 Indexes settling above neutral line, while the Shanghai Composite closed edge lower.

The gains on the Mainland market supported by the People's Bank of China decision to stood pat on its benchmark lending rates for corporate and household loans in a widely expected move.

At close of trade, the benchmark Shanghai Composite Index fell marginal 0.04%, or 1.36 points, to 3,315.43. The Shenzhen Composite Index, which tracks stocks on China's second exchange, grew 1.27%, or 27.12 points, to 2,158.34. The blue-chip CSI300 index grew 0.5%, or 21.39 points, to 4,330.43.

 

CURRENCY NEWS: China's yuan was up against the U.S. dollar on monday, despite softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.712 per dollar, 197 pips or 0.3% weaker than the previous fix of 6.6923. In the spot market, onshore yuan CNY=CFXS opened at 6.7030 per dollar and was changing hands at 6.6772 around late afternoon, 401 pips firmer than the previous late session close.

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