China Market snaps a two-day rally

The Mainland China share market finished session marginally lower on Wednesday, 08 September 2021, snapping a two-day rally, as remarks from a senior official at China's central bank dampened market expectations for imminent policy easing measures.

Sun Guofeng, head of the monetary policy department at the People's Bank of China (PBOC), said there was no big shortfall of base money, and liquidity supply and demand would remain basically balanced in coming months.

At closing bell, the benchmark Shanghai Composite Index was down marginal 0.04%, or 1.40 points, to 3,675.19. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.08%, or 1.95 points, to 2,492.59. The blue-chip CSI300 index fell 0.41%, or 20.70 points, to 4,972.13.

CURRENCY NEWS: China's yuan firmed up against the U.S. dollar on Tuesday despite softer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4674 per dollar, 141 pips or 0.22% weaker than the previous fix of 6.4533. In the spot market, onshore yuan CNY=CFXS opened at 6.4631 per dollar and was changing hands at 6.4636 at midday, 34 pips firmer than the previous late session close.

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