China Market falls ahead of key policy meetings

The Mainland China share market finished session lower on Monday, 26 April 2021, as investors awaited key policy meetings at home and abroad for more clues about policymakers' priorities. However, market losses capped on Beijing's plans to spur domestic consumption.

At closing bell, the benchmark Shanghai Composite Index declined 0.95%, or 33 points, to 3,441.17. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.75%, or 17.24 points, to 2,281.30. The blue-chip CSI300 index dropped 1.13%, or 58.21 points, to 5,077.24.

Many market participants were awaiting for the April politburo meeting, the top decision-making body of China's ruling Communist Party, for comments and guidance on policy deliberations.

China said it would launch a series of promotional activities, including a new consumer goods expo in southern Hainan province, in May to boost spending as the Chinese retail sector recovers from COVID-19-induced consumer caution.

CURRENCY NEWS: China yuan was up against the dollar on Monday, inline with firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4913 per dollar, 0.03% firmer than the previous fix of 6.4934. In the spot market, onshore yuan was last quoted at 6.488, firmer by 0.13% from the previous late session close of 6.4963.

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