China Stocks rise on lenders earnings update

The Mainland China share market higher on Wednesday, 29 April 2020, as investors cheered solid earnings updates from the country's biggest listed banks hopes the coronavirus outbreak is under control in China after Beijing set a date for its parliamentary meeting. At closing bell, the benchmark Shanghai Composite Index rose 0.44%, or 12.42 points, to 2,822.44. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.1%, or 1.82 points, to 1,730.74. The blue-chip CSI300 index rose 0.46%, or 17.88 points, to 3,867.03.

The gains were driven by banking shares after China's big four lenders reported higher profits for the first quarter despite the impact of the pandemic.

China announced that the National People's Congress (NPC) will open a key annual session on May 22, indicating that the government sees the country returning to normal after months of disruption caused by the COVID-19 outbreak. The annual NPC is the key political and economic meeting to set the growth and budget deficit targets.

CURRENCY NEWS: China's yuan was up against the dollar on Wednesday, inline with firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.0704 per dollar, up by 0.01% from the previous fix of 7.071.

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