China: Market ends lower

Mainland China share market finished session lower on Wednesday, 29 June 2022, mirroring regional peers on fretted over high inflation and on caution ahead of Chinese manufacturing data on Thursday for further signs of economic recovery.

However, market losses capped as Beijing's decision to ease quarantine requirements for travelers. China on Tuesday slashed the quarantine time for inbound travellers by half in a major easing of one of the world's strictest COVID-19 curbs.

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

AVIC Chengdu UAS Company rallied 76 per cent to 57 yuan on its trading debut in Shanghai. In Shenzhen, United Faith Auto-Engineering soared 113 per cent to 58.76 yuan.

CURRENCY NEWS: China's yuan firmed up against the U.S. dollar on Wednesday despite weaker mid-point fixing by central bank, as Beijing's decision to ease quarantine requirements for travellers. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.7035 per dollar, 0.16% weaker than the previous fixing of 6.693. In the spot market, onshore yuan CNY=CFXS opened at 6.7050 per dollar and was changing hands at 6.7022 at midday, 58 pips stronger from the previous late session close.

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