Headline shares of the Mainland China equity market were little changed on Wednesday, 26 December 2018, after government has released new rules promising to treat all companies equally, the latest positive step on the trade and investment front since U.S. and Chinese tariff hikes were set on pause. Risk sentiments also improved after the State Council statement on Monday that the central bank will improve policies on targeted reserve-requirement ratio cuts and inclusive finance to further support private companies. In late afternoon trade, the benchmark Shanghai Composite Index edged down 0.02%, or 0.49 point, to 2,504.33, meanwhile the Shenzhen Composite Index, which tracks stocks on China's second exchange, edged up 0.01%, or 0.12 point, to 1,285.31. The blue-chip CSI300 index was down 0.16%, or 4.71 points, to 3,012.57. China's stock benchmark is down 25% this year, in line for the worst performance in a decade, as a trade dispute with the US escalated.
Asian equities were shaky on Wednesday, 26 December 2018, following a Christmas eve Wall Street plunge, as investors were unnerved by US political developments including a US federal government shutdown and President Donald Trump's hostile stance towards the Federal Reserve chairman. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1%.
CURRENCY NEWS: China yuan appreciated against greenback on Wednesday, as central bank set stronger mid-point rate. Prior to market opening, the People's Bank of China set the midpoint rate at 6.8845, stronger by 74 basis points from previous day's central parity rate.
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