China Market extends gain

The Mainland China share market finished session higher on Monday, 06 September 2021, as Chinese Vice Premier Liu He reassured investors by pledging to support the nation's private businesses despite ongoing regulatory crackdowns.

Market participants chased for the companies' potential inclusion in a new Beijing stock exchange after Chinese President Xi Jinping announced late last week that the capital city would launch the country's third stock exchange to help small and medium-sized businesses raise capital.

At closing bell, the benchmark Shanghai Composite Index added 1.12%, or 40.13 points, to 3,621.86. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 2.03%, or 49.07 points, to 2,463.36. The blue-chip CSI300 index advanced 1.87%, or 90.67 points, to 4,933.73.

 

CURRENCY NEWS: China's yuan strengthened against the U.S. dollar on Monday, after firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at a more than 2-1/2-month high of 6.4529 per dollar, 48 pips or 0.07%, stronger than the previous fix of 6.4577. In the spot market, onshore yuan CNY=CFXS opened at 6.4550 per dollar and was changing hands at 6.4546 at midday, 39 pips firmer than the previous late session close.

Powered by Capital Market - Live News