China Market rebounds on bargain hunting

The Mainland China share market finished session higher on Thursday, 29 July 2021, after three days of declines, as investors chased for bottom fishing among heavily battered stocks on Beijing's efforts to soothe market nerves.

At closing bell, the benchmark Shanghai Composite Index advanced 1.49%, or 50.13 points, to 3,411.72. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 3.07%, or 70.97 points, to 2,384.17. The blue-chip CSI300 index added 1.89%, or 89.79 points, to 4,850.27.

Chinese shares rebounded as authorities stepped up efforts to calm frayed investor nerves after a market rout. China's securities regulators told brokerages late Wednesday that the country will allow Chinese firms to go public in the U.S. as long as they meet listing requirements.

CURRENCY NEWS: China yuan increased to a near one-week high against the dollar on Thursday, despite lower mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4942 per dollar, 13 pips weaker than the previous fix of 6.4929. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.4755, 150 pips firmer than the previous late session close.

The PBOC injected 30 billion yuan through open market operations, snapping a 20-day streak of a minimal 10 billion yuan of daily injection.

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