The market posted weekly gains on rising confidence that the US and Iran would avoid a conflict, following statements on Wednesday by US President Donald Trump and Iranian officials. Sentiment was further boosted by China's announcement that Vice-Premier Liu He will travel to Washington next week to sign the "phase one" deal with the United States, which has lowered trade tensions between the world's two biggest economies.
China's Vice Premier Liu He, head of the country's negotiation team in Sino-U.S. trade talks, will sign a Phase 1 deal in Washington next week, the commerce ministry said on Thursday.
Chinese suppliers of Tesla declined on concerns that they had made excessive gains recently. Tianjin Motor Dies paced the declines among Tesla's Chinese suppliers. Tianjing Motor tumbled by the 10% daily limit to 5.91 yuan, paring its gain to 60% over the past month. Ningbo Yidao Investment Management, which holds a 5.3% interest in the company, plans to sell no more than a 1% stake in the following 90 days, according to an exchange statement.
Jiangsu Alcha Aluminum plunged 10% to 4.12 yuan and Aotecar New Energy Technology slumped 7.4% to 2.27 yuan. The two stocks have risen by at least 35% over the past month.
CURRENCY NEWS: China's yuan hovered around five-month highs on Friday. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.9351 per dollar, 146 pips or 0.2% firmer than the previous fix of 6.9497. Friday's official guidance rate was the strongest since Aug. 5, 2019.The spot market CNY=CFXS opened at 6.9283 per dollar and was changing hands at 6.9329 at midday, 5 pips weaker than the previous late session close.
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