China Stocks end up 0.18%

The Mainland China share market finished session higher on Friday, 12 November 2021, as risk sentiments boosted up on optimism of improving Sino-U.S. ties and reports of cash-strapped Chinese property developer Evergrande making good on missed coupon payments, before the 'grace period' expired.

Additionally, sentiments got a boost on reports that Chinese authorities are set to loosen borrowing controls for domestic real estate companies to prevent a further deterioration in their financing conditions.

Further, strengthening risk sentiments was Communist Party meeting resolution that paving the way for President Xi Jinping to potentially rule for life.

At close of trade, the benchmark Shanghai Composite Index advanced 0.18%, or 6.31 points, to 3,539.10. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.38%, or 9.38 points, to 2,467.16. The blue-chip CSI300 index dropped 0.21%, or 10.27 points, to 4,888.38.

 

CURRENCY NEWS: China's yuan was softened against the U.S. dollar on Friday despite stronger mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.4065 per dollar, 0.13% stronger than the previous fix of 6.4145. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.3960 late afternoon, 0.09% weaker than the previous late session close.

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