China Stocks end mixed

Mainland China share market finished session marginally lower on Friday, 16 December 2022, amid caution before the outcome of the ongoing Central Economic Work Conference where top government officials discusses policy direction for next year.

The closed-door, two-day annual meeting is expected to end on Friday, and comes at a time when the government has announced measures to transition out of its zero-COVID policy which has been hindering growth. Economic growth is expected to continue picking up pace following the implementation of new COVID rules, the National Development and Reform Commission said on Friday.

At close of trade, the benchmark Shanghai Composite Index eased 0.02%, or 0.79 point, to 3,167.86. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.75%, or 15.39 points, to 2,039.52. The blue-chip CSI300 index was up 0.06%, or 2.24 points, to 3,954.23.

CURRENCY NEWS: The Chinese currency firmed against the U.S. dollar on Friday, despite softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.9791 per dollar, weaker than the previous fix of 6.9343. In the spot market, the onshore yuan was changing hands at 6.9730 at midday, 30 pips stronger than the previous late session close and -0.09% away from the midpoint.

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