China Stocks end up on US-China trade deal hopes

The Mainland China share market finished higher in a volatile trade on Tuesday, 23 June 2020, after White House trade adviser Peter Navarro walked back from earlier comments on U.S.-China trade and said the trade deal remains in place. U.S. President Donald Trump also assured in a tweet the deal with the China was fully intact.

At closing bell, the benchmark Shanghai Composite Index added 0.18%, or 5.35 points, to 2,970.62. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.56%, or 10.80 points, to 1,947.45. The blue-chip CSI300 index rose 0.48%, or 19.74 points, to 4,121.79.

Stocks had roller coaster ride today on confusing over comments by a senior White House aide over the fate of the U.S.-China trade deal. The stocks fell in early trade after White House adviser Peter Navarro said the trade deal with China was 'over', but later recouped most of the losses after he walked back those remarks. Navarro said the comments were taken 'wildly out of context', while U.S. President Donald Trump confirmed in a tweet the deal with the China was "fully intact".

CURRENCY NEWS: The yuan fell against the dollar on Tuesday, depite firmer mid-point fixing by central bank. Prior to the market open, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.0671 per dollar, 0.27% firmer than the previous fix of 7.0865. In the spot market, onshore yuan CNY=CFXS was changing hands at 7.0772, weaker by 0.13% than the previous late session close.

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