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China Market falls on hawkish US Fed stance
(21 Sep 2023, 16:04)
Mainland China share market finished session in the negative territory on Thursday, 21 September 2023, as risk sentiment took a blow after the Federal Reserve stiffened its hawkish stance with a further interest rate hike projected by the year-end.

At close of trade, the benchmark Shanghai Composite index was down 0.77%, or 23.87 points, to 3,084.70. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.83%, or 15.76 points, to 1,877.64. The blue-chip CSI300 index decreased by 0.9%, or 33.25 points, to 3,672.44.

CURRENCY NEWS: China's yuan was softer against the dollar on Thursday despite stronger mid-point fixing by the central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1730 per dollar, 2 pips firmer than the previous fix of 7.1732. In the spot market, the onshore yuan CNY=CFXS was changing hands at 7.3002 at midday, 112 pips softer than the previous late session close.

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