China Market rises on upbeat industrial data

The China share market finished session higher on Thursday, 27 August 2020, as profits at China's industrial firms grew for a third straight month in July in a sign of a firming economic recovery from the coronavirus-driven slump.

At closing bell, the benchmark Shanghai Composite Index was up 0.61%, or 20.37 points, to 3,350.11. The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 1.04%, or 23.27 points, to 2,261.16. The blue-chip CSI300 index added 0.54%, or 25.22 points, to 4,731.35.

Profits at China's industrial firms grew 19.6% on-year to 589.5 billion yuan ($85.58 billion), following an 11.5% increase seen in June, the National Bureau of Statistics (NBS) data showed on Thursday. Profits at China's industrial firms grew for a third straight month in July and at the fastest pace since June 2018.

CURRENCY NEWS: China's yuan firmed up against the dollar on Thursday, inline with stronger mid-point fixing by central bank. Prior to the market opening onshore, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at a new seven-month high of 6.8903 per dollar, 176 pips or 0.26% firmer than the previous fix of 6.9079. Thursday's official guidance rate was the strongest since Jan. 23.

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