China Stocks end mixed

Mainland China equity market closed mixed on Thursday, 19 December 2019, as investors withdrawing profits off the table after a recent rally and awaited further details on the phase-one trade deal between Washington and Beijing. At closing bell, the benchmark Shanghai Composite Index marginally up 0.00%, or 0.02 point, to 3,017.07. The Shenzhen Composite Index, which tracks stocks on China's second exchange, grew 0.21%, or 3.59 points, to 1,713.03. The blue-chip CSI300 index was down by 0.14%, or 5.63 points, to 4,027.15.

Investors awaited concrete details from Beijing and Washington on their initial agreement to defuse the 17-month-long tariff war. U.S. Trade Representative Robert Lighthizer said on Tuesday that details of Chinese purchases across U.S. goods in the Phase 1 trade deal would be detailed in writing, but did not give a timeframe for when the agreement would be released.

 

Chinese importers bought at least two cargoes of U.S. soybeans after receiving another round of tariff-free quota for U.S. shipments on Tuesday, traders in both countries said. The sales are the first since the announcement of the interim trade deal.

CURRENCY NEWS: China's yuan eases against the dollar after the People's Bank of China (PBOC) set lower mid-point rate. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.0025 per dollar, 56 pips or 0.08% weaker than the previous fix of 6.9969. In the spot market, onshore yuan CNY=CFXS opened at 7.0010 per dollar and was changing hands at 7.0040 at midday, 15 pips stronger than the previous late session close.

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