China Market extends losses on Sino-Us tensions

Mainland China share market finished lower for third straight session on Friday, 24 February 2023, as U.S.-China geopolitical tension weighed on sentiment.

The United States is set to expand the number of troops helping train Taiwanese forces, two U.S. officials said on Thursday, amid heightened tensions between Washington and Beijing.

At close of trade, the benchmark Shanghai Composite Index declined 0.62%, or 20.32 points, to 3,267.16. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.65%, or 14.08 points, to 2,140.65. The blue-chip CSI300 index dropped 1.04%, or 42.60 points, to 4,061.05. For the week, the Shanghai Composite Index advanced 1.34%.

CURRENCY NEWS: China's yuan declined to seven-week low against the dollar on Friday despite firmer mid-point fixing by China's central bank. Prior to market opening, the People's Bank of China (PBOC) set the yuan's midpoint rate CNY=PBOC at 6.8942 per dollar, 86 pips or 0.12% firmer than the previous fix of 6.9028. In the spot market, the onshore yuan was changing hands at 6.9183, 95 pips weaker than the previous late session close.

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