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Budget News

  • China Stocks end mixed on Sino-U.S. relations woes
  • January 22,2021  18:42
  • The Mainland China shares closed mixed on Friday, 22 January 2021, as investors opted to secure recent gains on tracking weakness in other Asian markets and lingering concerns over Sino-U.S. relations under the new Joe Biden administration.

    At closing bell, the benchmark Shanghai Composite Index dropped 0.4%, or 14.51 points, to 3,606.75. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.28%, or 6.86 points, to 2,456.24. The blue-chip CSI300 index climbed up 0.09%, or 4.81 points, to 5,569.78.

    Market participant's hopes for an easing in Sino-U.S. tensions under the new Joe Biden administration were starting to fade. The market is somewhat cautious for now amid the worries over Sino-U.S. relations.

    Janet Yellen, U.S. President Joe Biden's nominee for Treasury Secretary, promised a comprehensive review of China's implementation of a Phase 1 trade deal, and said Washington would work more closely with allies to address abusive practices by the world's second-largest economy. The Biden administration also faced pressure from Republican lawmakers on its second day in office for a more forceful response to Beijing's announcement of sanctions against the architects of former President Donald Trump's tough China policy.

    CURRENCY NEWS: China's yuan eased against the dollar despite the central bank set a firmer midpoint. The People's Bank of China set the midpoint rate CNY=PBOC at 6.4617 per dollar prior to the market open, 79 pips firmer than the previous fix of 6.4696. In spot market trading, the yuan CNY=CFXS opened at 6.4680 per dollar and was changing hands at 6.4679 at midday, 84 pips weaker than the previous late session close.

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