China Market rebounds on strong loan data

Mainland China share market finished session sharp higher on Wednesday, 12 October 2022, as risk sentiments improved on the back of better-than-expected country's loan data for September.

At close of trade, the benchmark Shanghai Composite Index advanced 1.53%, or 45.71 points, to 3,025.51. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 2.53%, or 47.53 points, to 1,929.53. The blue-chip CSI300 index increased 1.52%, or 56.62 points, to 3,784.31.

ECONOMIC NEWS: Chinese banks extended 2.47 trillion yuan in new yuan loans in September, jumping from 1.25 trillion yuan in August, data released by the People's Bank of China showed on Tuesday. Household loans, including mortgages, rose to 650.3 billion yuan in September from 458 billion yuan in August, while corporate loans rocketed to 1.92 trillion yuan from 875 billion yuan, central bank data showed. New yuan loans totalled 18.08 trillion yuan in the first nine months, rising 1.36 trillion yuan from a year earlier, central bank data showed.

CURRENCY NEWS: China's yuan firmed against the dollar on Wednesday, thanks to better-than-expected credit growth in September, the central bank's vow to curb any big currency swings, and a steady midpoint fixing for the currency. The onshore yuan CNY=CFXS was changing hands at 7.1671 at midday, a tad stronger than the previous late session close, after the People's Bank of China set the midpoint rate CNY=PBOC at 7.1103 per dollar, little changed from the previous day.

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