China Market closes down
(20 Oct 2021, 16:50)
The Mainland China share market finished session lower on Wednesday, 20 October 2021, amid renewed uncertainty around monetary policies and China Evergrande Group's debt crisis.

At closing bell, the benchmark Shanghai Composite Index fell 0.17%, or 6.15 points, to 3,587. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.11%, or 2.60 points, to 2,420.04. The blue-chip CSI300 index decreased 0.25%, or 12.54 points, to 4,910.18.

Shares of Chinese real estate firms mostly slipped as developments surrounding debt-ridden China Evergrande Group and signs of slowing property sales. China Vanke fell 0.71% while Country Garden declined 0.64%.

ECONOMIC NEWS: China Maintains Loan Prime Rates Unchanged- China maintained its benchmark loan prime rates for the 18th consecutive month. The one-year loan prime rate was kept unchanged at 3.85 percent and the five-year LPR at 4.65 percent. The one-year and five-year loan prime rates were last lowered in April 2020. The one-year loan prime rate was cut by 20 basis points and five-year rate by 10 basis points in April 2020.

CURRENCY NEWS: China's yuan weakened against the U.S. dollar on Wednesday, despite firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.4069 per dollar, 0.37% firmer than the previous fix of 6.4307. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.39 at late afternoon, 0.12% softer than the previous late session close.

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