China Market falls after GDP growth data

The Mainland China share market finished session lower on Monday, 18 October 2021, as risk sentiments dampened after data showed domestic economic growth slowed more than expected in the third quarter due to power shortages, supply bottlenecks and sporadic COVID-19 outbreaks. Meanwhile, worries over bubble and credit risks in China's property sector also undermined sentiment.

At closing bell, the benchmark Shanghai Composite Index declined 0.12%, or 4.23 points, to 3,568.14. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.06%, or 1.53 points, to 2,402.04. The blue-chip CSI300 index decreased 1.16%, or 57.33 points, to 4,874.78.

ECONOMIC NEWS: China GDP Expands 4.9% On Year In Q3- China's gross domestic product expanded 4.9% on year in the third quarter of 2021, the National Bureau of Statistics said on Monday, down sharply from 7.9% in the three months prior. On a seasonally adjusted quarterly basis, GDP rose just 0.2%, down from the downwardly revised 1.2% growth in the previous three months (originally 1.3%).

 

CURRENCY NEWS: China's yuan declined against the U.S. dollar on Monday, despite firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.43 per dollar prior, firmer by 86 pips than the previous fix of 6.4386. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.4375 at midday, 15 pips weaker than the previous late session close.

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