China Market rebounds 0.55%

Mainland China share market finished session firmly in positive territory on Wednesday, 20 March 2024, as investor sentiment improved slightly after the central bank kept benchmark rate steady

At close of trade, the benchmark Shanghai Composite index advanced 0.55%, or 16.93 points, to 3,0479.69. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.61%, or 10.91 points, to 1,806.51. The blue-chip CSI300 index climbed up 0.22%, or 7.75 points, to 3,585..

ECONOMIC NEWS: China left benchmark lending rates unchanged at a monthly fixing on Wednesday, after the central bank kept a key policy rate steady last week amid some signs of improvement in the broad economy. The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 3.95%.

CURRENCY NEWS: China's yuan held steady against the dollar on Wednesday, as broad dollar strength was offset by persistently firmer-than-expected guidance by the central bank. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.0968 per dollar, 17 pips firmer than the previous fix of 7.0985.In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1993 at midday, firmer by 3 pips than the previous late session close.

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