China: The market ends down | Trade Standard News

The mainland Chinese equity market ended its session lower on Wednesday, June 29, 2022, reflecting regional peers worried about high inflation and caution ahead of Chinese manufacturing data on Thursday for further signs of economic recovery.

However, market losses were capped by Beijing’s decision to ease quarantine requirements for travellers. On Tuesday, China halved quarantine time for inbound travelers in a major relaxation of one of the world’s toughest COVID-19 restrictions.

At the close of trade, the benchmark Shanghai Composite was down 1.4%, or 47.69 points, at 3,361.52. The Shenzhen Composite Index, which tracks shares of China’s second largest stock exchange, fell 2.2%, or 49.41 points, to 2,194.51. The blue-chip CSI300 index fell 1.54%, or 69.16 points, to 4,421.36.

AVIC Chengdu UAS Company gained 76% to 57 yuan in its Shanghai trading debut.

In Shenzhen, United Faith Auto-Engineering climbed 113% to 58.76 yuan.

CURRENCY NEWS: The Chinese yuan strengthened against the US dollar on Wednesday despite a lower midpoint fixation by the central bank, following Beijing’s decision to ease quarantine requirements for travelers. Ahead of the market open, the People’s Bank of China (PBOC) pegged the midpoint CNY=PBOC rate at 6.7035 per dollar, 0.16% lower than the previous fixation of 6.693. In the spot market, the onshore yuan CNY=CFXS opened at 6.7050 per dollar and changed hands at 6.7022 by midday, 58 pips higher than the previous late session close.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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