The Chinese market shrinks by 1% | Trade Standards News


Mainland China’s stock market ended lower for the second consecutive session on Wednesday, Jan.5, 2022, weighed down by the drop in tech stocks following concerns over new regulations after Beijing passed new rules that tighten controls on technology company listings and overseas activities, while prohibiting unreasonable price discrimination based on data on user habits, a key monetization tool for larger e-commerce and short video platforms from China.

At the close of trade, the Shanghai Composite Benchmark lost 1.02%, or 37.15 points, to 3,595.18. The Shenzhen Composite Index, which tracks shares of China’s Second Stock Exchange, fell 1.74%, or 44 points, to 2,483.69. The blue-chip CSI300 index fell 1.01%, or 49.65 points, to 4,868.12.

China’s main market regulator said on Wednesday it had fined units of Alibaba, Bilibili and Tencent for inappropriately reporting transactions.

The country’s cyberspace regulator also on Wednesday announced draft rules affecting mobile apps, including a security review requirement for those whose functions could influence public opinion.

CURRENCY NEWS: The Chinese yuan was unchanged against the US dollar on Wednesday despite a firmer fixation of the midpoint by the central bank, as some investors became cautious ahead of the Fed’s minute, fearing the Federal Reserve would proceed to move forward. a rise in interest rates sooner than expected. Before the market opened, the People’s Bank of China (PBOC) pegged the median CNY = PBOC rate at 6.3779 per dollar, 15 pips higher than the previous patch of 6.3794. In the spot market, the onshore CNY = CFXS yuan changed hands at 6.3721 late in the afternoon, unchanged from the previous close at the end of the session.

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

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