China Market rises ahead of reform measures

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The China share market finished session higher on Friday, 21 August 2020, as buying sentiment was brightened by receding concerns over US-China relation after the Chinese commerce ministry's announcement Thursday that Beijing and Washington will hold talks to review their phase one trade deal in the coming days. Meanwhile, sentiments were also propelled ahead of the implementation of reforms measures for Shenzhen's start-up board ChiNext. .

At closing bell, the benchmark Shanghai Composite Index was up 0.5%, or 16.78 points, to 3,380.68. The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 1.09%, or 24.23 points, to 2,249.95. The blue-chip CSI300 index added 0.85%, or 39.69 points, to 4,718.84. .

CURRENCY NEWS: The yuan was up against greenback on Friday, inline with firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China set the midpoint CNY=PBOC at a new seven-month high of 6.9107 per dollar, 167 pips firmer than the previous fix of 6.9274.

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