China Market gains on shining trade data

The Mainland China share market finished session mild higher on Tuesday, 07 December 2021, as investors sentiments lifted up on shining trade data and the central bank's decision to cut banks reserve requirement ratios (RRR). Also, market sentiments boosted up on easing concerns about the coronavirus Omicron variant after indications the new strain causes milder symptoms.

At close of trade, the benchmark Shanghai Composite Index added 0.16%, or 5.78 points, to 3,595.09. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.72%, or 18.01 points, to 2,477.49. The blue-chip CSI300 index was up 0.6%, or 2948 points, to 4,922.10.

 

ECONOMIC NEWS: China Exports And Imports Expand Notable In November- China exports grew at a pace of 22% year-on-year in November, according to the General Administration of Customs. However, this was slower than the 27.1% increase posted in October. Meanwhile, imports growth advanced to 31.7% from 20.6% a month ago. As a result, the trade surplus fell more-than-expected to $71.7 billion in November from $84.5 billion in October.

CURRENCY NEWS: China's yuan strengthened against the U.S. dollar on Tuesday despite softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3738 per dollar, 36 pips weaker than the previous fix of 6.3702. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3712 at midday, 50 pips or 0.08% firmer than the previous late session close.

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