China Market rebounds on pro-growth policy hopes

The Mainland China share market finished session higher on Wednesday, 27 April 2022, as investors chased for bottom fishing across the board on speculation about government pro-growth policies and fine-tune of draconian anti-virus policies. Sentiment was also lifted by data showing profits at China's industrial firms grew at a faster pace in March from a year earlier.

At close of trade, the benchmark Shanghai Composite Index advanced 2.49%, or 71.86 points, to 2,958.28. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 3.94%, or 69.11 points, to 1,821.39. The blue-chip CSI300 index added 2.94%, or 111.42 points, to 3,895.54.

CURRENCY NEWS: The Chinese yuan strengthened slightly against the U.S. dollar on Wednesday, reversing a sharp weakening trend after the People's Bank of China signaled support for its currency. On Wednesday, the PBOC set the yuan midpoint at 6.5598 versus the dollar, the weakest fix since April 2021. As of Wednesday afternoon, the offshore yuan held slightly stronger, near 6.58 versus the greenback. The onshore yuan was near 6.55 yuan versus the U.S. dollar.

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