China: Market falls 1%

Mainland China share market finished lower for second straight session on Thursday, 16 February 2023, as risk aversion selloff continued after China's industry minister warned that the US's suppression of the country's advanced manufacturing industry would weigh on industrial and information development.

At close of trade, the benchmark Shanghai Composite Index was down 0.96%, or 31.46 points, to 3,249.03. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 1.7%, or 37.28 points, to 2,150.23. The blue-chip CSI300 index dropped 0.73%, or 30.20 points, to 4,093.49.

CURRENCY NEWS: China's yuan edged up against the dollar on Thursday despite 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 6.8519 per U.S. dollar, weaker than the previous fix of 6.8183

In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.8472 at midday, 43 pips stronger than the previous late session close and -0.07% away from the midpoint.

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