China Market ends lower

Mainland China share market finished session slightly lower on Tuesday, 23 August 2022, as investors feared that recent measures were not sufficient to turn around the property sector. Meanwhile, sentiments were also hurt by fears that central banks efforts to tame inflation through interest-rate hikes and a weakening global economy.

At close of trade, the benchmark Shanghai Composite Index was down 0.05%, or 1.57 points, to 3,276.22. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.04%, or 0.93 point, to 2,227.38. The blue-chip CSI300 index decreased 0.49%, or 20.32 points, to 4,161.08.

CURRENCY NEWS: China's yuan softened to a two-year low against the dollar on Tuesday after weaker mid-point fixing by central bank and as Beijing's steps to easy policies to revive faltering growth and the Federal Reserve's relentless tightening streak kept pressure on the Chinese currency.

Prior to market opening, the PBOC set the midpoint rate CNY=PBOC at 6.8523 per dollar, 0.47% weaker than the previous fix of 6.8198. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.848, weaker than the previous late session close at 6.8477.

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