China Market rebounds on policy easing bets
At close of trade, the benchmark Shanghai Composite Index gained by 0.4%, or 14.73 points, to 3,681.08. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.6%, or 15.26 points, to 2,561.91. The blue-chip CSI300 index was up 0.57%, or 28.68 points, to 5,083.80.
China's top policymakers concluded its Central Economic Work Conference on Friday by pledging to keep economic growth within a reasonable range and maintain social stability. Beijing has pledged to front-load policies to shore up the economy next year, as leaders remained on high alert against strong headwinds at the tone-setting annual central economic work conference that concluded on Friday.
Beijing also hinted it would go easier on regulation of big private players after a heavy-handed crackdown this year jolted domestic markets, and excessive capital growth may instead be curbed with a type of 'traffic-light' mechanism
CURRENCY NEWS: China's yuan was up against the U.S. dollar on Friday after firmer mid-point fixing by the central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3669 per dollar prior to market open, firmer than the previous fix of 6.3702. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3622 by midday, 78 pips stronger than Friday's late-session close.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content