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Budget News

  • China Stocks ends mostly higher
  • October 21,2021  17:08
  • The Mainland China share market finished session marginally higher on Thursday, 21 October 2021, as risk sentiments remain subdued amid lingering worries about China Evergrande Group's potential debt default despite reports that China Evergrande Group has secured an extension on a defaulted bond.

    At closing bell, the benchmark Shanghai Composite Index added 0.22%, or 7.78 points, to 3,594.78. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.16%, or 3.86 points, to 2,416.18. The blue-chip CSI300 index increased 0.36%, or 17.84 points, to 4,928.02.

    Chinese officials sought to reassure investors and homeowners on Wednesday over a debt crisis. Vice Premier Liu He told that overall risks in the property market are controllable, and the property market is on track for healthy development.

    The China Banking and Insurance Regulatory Commission said on Thursday that the Evergrande crisis will not hurt the credit of Chinese companies, citing China's stable growth.

    The China Evergrande Group reportedly won a more than three month extension to the maturity of a $260 million bond, a day after company said its $2.6 billion stake sale to lesser rival Hopson Development Holdings had fallen through. Evergrande, which has already missed multiple coupon payments for its bonds, also warned “there is no guarantee that the Group will be able to meet its financial obligations under the relevant financing documents and other contracts.”

    CURRENCY NEWS: China's yuan rose against the U.S. dollar on Thursday after firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.3890 yuan per dollar, 179 pips, or 0.28%, stronger than the previous fix of 6.4069.

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