China Stocks gain on strong GDP data

The Mainland China share market finished session higher on Friday, 16 April 2021, as expectations of a domestic economic rebound cemented after the National Bureau of Statistics released stronger than expected economic data.

At closing bell, the benchmark Shanghai Composite Index advanced 0.81%, or 27.63 points, to 3,426.62. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.62%, or 13.67 points, to 2,220.22. The blue-chip CSI300 index rose 0.35%, or 17.21 points, to 4,966.18.

China's economic recovery quickened sharply in the first quarter ended March 2021 from a coronavirus-induced slump earlier last year, propelled by stronger demand at home and abroad and continued government support for smaller firms.

 

China's gross domestic product expanded 18.3% year-on-year in the first quarter of 2021, up sharply from the 6.5% growth in the fourth quarter of 2020, the National Bureau of Statistics said. Industrial production was up an annual 14.1% in March, retail sales skyrocketed 34.2% year-on-year in the month, and fixed asset investment jumped an annual 25.8%, while the jobless rate fell to 5.3% in March from 5.5% in February.

CURRENCY NEWS: China yuan was lower against the dollar on Friday, despite firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at a three-week high of 6.5288 per dollar, 9 pips firmer than the previous fix of 6.5297. The spot yuan CNY=CFXS opened at 6.5300 per dollar and was changing hands at 6.5306 at midday, 90 pips weaker than the previous late session close.

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