China Market falls on govt. crackdown to digital currencies

The Mainland China share market finished session down on Friday, 24 September 2021, snapping twodays of winning streak, as risk sentiments dented after China extended its crackdown to digital currencies, with its central bank saying all crypto-related transactions are illegal. Meanwhile, selloff was also fueled after debt crisis at property developer China Evergrande Group intensified fears of large negative spillover effects from the property sector into financials and the real economy.

At closing bell, the benchmark Shanghai Composite Index declined 0.8%, or 29.15 points, to 3,613.07. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.7%, or 17.13 points, to 2,434.23. The blue-chip CSI300 index declined 0.08%, or 3.77 points, to 4,849.43.

 

CURRENCY NEWS: China's yuan was tad lower against the U.S. dollar on Friday, despite firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4599 per dollar, firmer by 0.23% from the previous fix of 6.4749. In the spot market, the yuan CNY=CFXS was stood at 6.461, down by 0.02% from the previous late session close of 6.46.

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