China Market ends mixed

The China share market finished session mixed on Tuesday, 25 August 2020, as signs of progress in Sino-U.S. trade talks and positive developments in Covid-19 treatments offset by profit booking on recent gains.

At closing bell, the benchmark Shanghai Composite Index declined 0.36%, or 12.06 points, to 3,373.58. The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 0.11%, or 2.50 points, to 2,280.75. The blue-chip CSI300 index added 0.13%, or 6.10 points, to 4,761.95.

The positive tone across the markets on Tuesday follows reports that top U.S and Chinese officials see progress being made in resolving concerns around the Phase 1 trade deal reached between the two countries in January. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin had a call with Chinese Vice Premier Liu He Monday evening stateside to discuss implementation of the historic Phase One Agreement between the United States and China, according to a statement released by the Office of the U.S. Trade Representative (USTR). The conversation was also confirmed by Chinese state media agency. According to the USTR, Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement.

The talks came at a time of increasingly sour relations between the world's leading economies, as President Donald Trump, facing a tough re-election battle, has attacked China on everything from its handling of the coronavirus outbreak to claimed national security threats posed by its tech giants Huawei as well as Tencent through the popular WeChat app.

CURRENCY NEWS: China's yuan firmed up against the dollar on Tuesday, inline with stronger mid-point fixing by central bank. Prior to market open, the People's Bank of China set the midpoint rate CNY=PBOC at at 6.9183 per dollar on Tuesday, firmer than Monday's 6.9194.

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