China stocks end mixed

Mainland China's stock market ended mixed in volatile trade on Tuesday, 11 August 2015, after the central bank's surprise decision to cut the yuan reference rate by a record amid signs the economic slowdown is deepening. Total of six out of 10 SSE sectors climbed up, with shares of material and energy sectors being top gainers, while financial and industrial issues were top losers. The benchmark Shanghai Composite Index fell 0.01%, or 0.51 point, to end at 3927.91 points, halting a two-day, 7.3% rally. The Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 0.41%, or 9.43 points, to 2284.27 points. Total volume of A shares traded in Shanghai was 71.23 billion shares, while Shenzhen volume was 35.18 billion shares.

China's central bank has devalued the national currency, the yuan, to its lowest rate against the US dollar in almost three years. PBOC lowered the one-off yuan's daily reference rate by 1.9 per cent in a move to make the exchange rate more market-oriented, amid a slew of recent economic data showing a deepening slowdown. The move comes after the PBOC said earlier Tuesday that a strong yuan puts pressure on exports. At the weekend, China reported a sharp fall in exports and a slide in producer prices to a near six-year low in July. Exports fell by 8.3% in July, far worse than expected and the producer price index was down 5.4% from a year earlier. The yuan has appreciated 13 per cent over the past three years against the dollar

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