China Stocks extend losses on regulatory crackdown

The Mainland China share market finished session down on Wednesday, 28 July 2021, amid lingering regulatory fears over sectors such as education, property and technology.

Also weighing on the sentiment was the acrimonious start to the US-China summit, as the latter accused the US of treating it as an "imaginary enemy" and said relations were mired in a dangerous "deadlock".

However, market losses capped after the Chinese state media sought to reassure investors shaken by the government's regulatory crackdown.

At closing bell, the benchmark Shanghai Composite Index declined 0.58%, or 19.59 points, to 3,361.59. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.78%, or 18.23 points, to 2,313.20. The blue-chip CSI300 index added 0.19%, or 9.17 points, to 4,760.48.

CURRENCY NEWS: China yuan fell against the dollar on Wednesday, inline with lower mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4929 per dollar, 195 pips or 0.3% weaker than the previous fix of 6.4734.

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