China Stocks end mixed

The Mainland China equity market closed mixed after recouping early losses on Thursday, 13 June 2019, on hopes of further measures to bolster the economy after Vice Premier Liu He statement that Beijing would soon unveil more policies to bolster growth amid rising US trade pressure. At closing bell, the benchmark Shanghai Composite Index eased 0.05%, or 1.36 points, to 2,910.74. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.3%, or 4.39 points, to 1,532.79. The blue-chip CSI300 index shed 0.15%, or 5.71 points, to 3,685.39.

Vice Premier Liu He said at a financial forum in Shanghai on Thursday that Chinese regulators should step up support for the economy and keep ample liquidity in the financial system amid rising US trade pressure.

 

US President Donald Trump declined to set a deadline on Wednesday for levying tariffs on another $325 billion of Chinese goods and called the relationship with Beijing good but "testy" after China walked back commitments for a trade deal.

CURRENCY NEWS: China yuan was little softer against greenback on Thursday. Prior to the market opening on Thursday, the People's Bank of China (PBOC) set its daily midpoint fixing almost unchanged from the previous one, a trend that has persisted over the past few weeks. The PBOC set the midpoint rate at 6.8934 per dollar prior to market open, only 2 pips weaker than the previous fix of 6.8932. In the spot market, the onshore yuan opened at 6.9180 per dollar and was changing hands at 6.9215 at midday, 27 pips weaker than the previous late session close.

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