China Market gains 0.57%

The Mainland China share market reversed losses to end higher on Friday, 19 February 2021, as hopes of a faster than expected economic recovery and developments in Sino-U.S. relations continued to support buying spirit.

At closing bell, the benchmark Shanghai Composite Index advanced 0.57%, or 20.81 points, to 3,696.17. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.75%, or 18.27 points, to 2,468.66. The blue-chip CSI300 index rose 0.18%, or 10.46 points, to 5,778.84.

Market attention has shifted to Sino-U.S. relations. Joe Biden will attend his first meeting as U.S. president with Group of Seven leaders on Friday to discuss plans to defeat the novel coronavirus, reopen the battered world economy and counter the challenge posed by China. The market will be closely watching the G7 summit to reassess its earlier position that a Biden administration would be better for U.S.-China relations

CURRENCY NEWS: China's yuan rose against the dollar despite softer mid-point fixing by the central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4624 per dollar, 0.14% weaker than the previous fix of 6.4536. In the spot market, the onshore yuan CNY=CFXS opened at 6.4731 per dollar and was changing hands at 6.4716 at midday, 0.27% firmer than the previous late session close.

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