China Market drops 0.2%

The Mainland China equity market closed softer on Friday, 14 September 2018, amid lingering worries over China's economy. However, market losses were limited amid expectations for renewed trade talks between the U.S. and China after the White House extended an invitation to China for fresh trade talks. At closing bell, the benchmark Shanghai Composite Index fell 0.2%, or 4.93 points, to 2,681.64, meanwhile the Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.8%, or 11.06 points, to 1,402.51. The blue-chip CSI300 index added 0.2%, or 5.52 points, to 3,242.09.

CURRENCY NEWS: China's yuan depreciated against the U.S. dollar on Friday, despite firmer mid-point fixing by People Bank of China. Prior to market opening on Friday, the People's Bank of China set the yuan's midpoint rate at 6.8362 per dollar, 126 pips or 0.18 percent firmer than the previous fix of 6.8488. In the spot market, the onshore yuan opened at 6.8481 per dollar and was changing hands at 6.8538 at midday, 175 pips weaker than the previous late session close and 0.26 percent softer than the midpoint.

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