China Stocks gain on monetary policies easing hopes

The Mainland China share market finished session higher on Wednesday, 16 February 2022, as appetite for risk assets underpinned on renewed hopes of monetary policy supports to boost economic growth after the official data released on Wednesday showed the country's factory-gate inflation eased to its slowest pace in six months in January.

At close of trade, the benchmark Shanghai Composite Index advanced 0.57%, or 19.74 points, to 3,465.83. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.59%, or 13.36 points, to 2,296.99. The blue-chip CSI300 index rose 0.39%, or 17.89 points, to 4,617.99.

CURRENCY NEWS: China's yuan slightly softened against the dollar on Wednesday despite firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3463 per dollar, 0.22% firmer than yesterday's fix of 6.3605. Spot yuan CNY=CFXS was changing hands at 6.402 at late afternoon, 0.02% softer than the previous late session close.

 

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