China Stocks rebound on bargain hunting

The Mainland China share market finished session higher on Wednesday, 18 August 2021, as investors chased to battered shares after seeing steep losses in the previous session, although gains were limited by worries over the economic recovery amid a resurgence of COVID-19 cases.

At closing bell, the benchmark Shanghai Composite Index was up 1.11%, or 38.31 points, to 3,485.29. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.84%, or 20 points, to 2,412.49. The blue-chip CSI300 index advanced 1.17%, or 56.84 points, to 4,894.24.

CURRENCY NEWS: China yuan was up against the dollar on Wednesday, despite with softer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.4765 per dollar, 48 pips or 0.07% weaker than the previous fix of 6.4717. In the spot market, onshore yuan was changing hands at 6.4796 at around late afternoon, 46 pips weaker than the previous late session close. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at a near three-week low of 6.4915 per dollar, 150 pips or 0.23% weaker than the previous fix of 6.4765. In the spot market, onshore yuan was changing hands at 6.4821 around late afternoon, 37 pips firmer than the previous late session close.

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