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China Market extends gain on PBOC policy stance

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The Mainland China share market finished session slight higher on Tuesday, 23 November 2021, as risk sentiments boosted up after reports that Premier Li Keqiang stated Beijing should step up efforts to stabilise key economic areas.

Market sentiment was also underpinned by reports that some Chinese banks had been told by financial regulators to issue more loans to property firms for project development, in efforts to marginally ease liquidity strains across the industry.

At close of trade, the benchmark Shanghai Composite Index advanced 0.2%, or 7.01 points, to 3,589.09. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.21%, or 5.21 points, to 2,520.37. The blue-chip CSI300 index was up 0.02%, or 0.95 point, to 4,913.35.

China's economy faces new downward pressures but authorities should avoid rolling out economic measures in a "campaign-like and aggressive" way, Premier Li Keqiang said as per reports.

Li said China should step up efforts to stabilise six key areas and the government is studying policies on tax and fee cuts, along with some reform steps, to support businesses.

CURRENCY NEWS: China's yuan climbed up against the U. S. dollar on Tuesday, after stronger mid-point fixing. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3929 per dollar, 23 pips firmer than the previous fix of 6.3952. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3851 at midday, 9 pips firmer than the previous late session close.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, November 23 2021. 17:19 IST