China Stocks rebound on bargain hunting

The Mainland China market closed session higher on Tuesday, 10 May 2022, as investors sought for bargain hunting after the country's central bank vowed on Monday further support for the slowing economy, and measures to boost confidence.

However, market gains capped amid lingering concern over the adverse impact of China's "zero-COVID" policy, including disruptions on the global supply chain, following reports that restrictions have been tightened in some parts of the country,

At close of trade, the benchmark Shanghai Composite Index advanced 1.06%, or 31.70 points, to 3,035.84. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.53%, or 28.47 points, to 1,894.39. The blue-chip CSI300 index added 1.09%, or 42.43 points, to 3,919.87.

 

CURRENCY NEWS: The People's Bank of China continued lowering the country's national currency on Tuesday, with the yuan falling to 6.7134 against the greenback, the lowest figure since 30 October 2020. The China's central bank started lowering the national currency exchange rate in late April amid a new COVID-19outbreak in Beijing and the ongoing lockdown in Shanghai, which resulted in disruptions in production and logistics chains.

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