China Market ends session with firm note

Mainland China share market finished session higher on Friday, 30 December 2022, as investors looked to end the year on an optimistic note after reports that economic activity resumed in cities that were badly hit by COVID-19 outbreaks.

At close of trade, the benchmark Shanghai Composite Index advanced 0.51%, or 15.56 points, to 3,089.26. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.37%, or 7.21 points, to 1,975.61. The blue-chip CSI300 index was up 0.39%, or 14.93 points, to 3,871.63.

For the year, the Shanghai index fell nearly 15%, while the Shenzhen index tumbled 25%,as tough anti-COVID measures battered the world's second-largest economy and a wave of new infections clouds the outlook for recovery.

 

CURRENCY NEWS: The Chinese currency was up against the U.S. dollar on Friday, as China's central bank set a firmer midpoint rate. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.9646 per dollar, firmer than the previous fix 6.9793. The spot rate is allowed to trade with a range 2% above or below the official fixing on any given day. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.9585 at midday, 66 pips stronger than the previous late session close and -0.09% away from the midpoint.

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