China Stocks tad higher ahead of trade talks

Headline indices of the Mainland China equity market closed marginally higher on Friday, 22 March 2019, with investor sentiments subdued on caution ahead of U.S.-China trade talks in Beijing next week. A U.S. trade delegation headed by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China on March 28-29 for the next round of negotiations, China's commerce ministry said on Thursday. At closing bell, the benchmark Shanghai Composite Index added 0.09%, or 2.69 points, to 3,104.15. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.2%, or 3.45 points, to 1,700.94. The blue-chip CSI300 index dropped 0.08%, or 3.09 points, to 3,833.80.

Beijing confirmed on Thursday that trade talks will continue with the United States, with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin visiting China on March 28-29, and Chinese Vice Premier Liu He heading to Washington in April. However, U.S. President Donald Trump raised fresh concerns by threatening to leave the tariffs on Chinese goods for a "substantial period" to ensure that Beijing complies with any trade agreement.

 

CURRENCY NEWS: China's yuan softened against the U.S. dollar on Friday, on weaker mid-point fixing by central bank. Prior to market opening on Tuesday, the People's Bank of China set the midpoint rate at 6.6944, weaker than the previous fix of 6.6850. Spot yuan was changing hands at 6.7036 per dollar at midday, 38 pips weaker than the previous late session close and 0.14% softer than the midpoint.

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