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  • China Market falls 0.4%
  • January 31,2023  17:10
  • Mainland China share market finished session lower on Tuesday, 31 January 2023, as investors locked in gains after a strong recent rally and signs of an escalating Sino-U.S. tech war.

    However, market losses capped after official data on Tuesday showed that China's economic activity swung back to growth in January, confirming that the economy had bottomed in December.

    At close of trade, the benchmark Shanghai Composite Index declined 0.42%, or 13.65 points, to 3,255.67. The Shenzhen Composite Index, which tracks stocks on China's second exchange, was down 0.36%, or 7.82 points, to 2,142.55. The blue-chip CSI300 index dropped 1.06%, or 44.49 points, to 4,156.86.

    China tech stocks dropped after news that the Biden administration has stopped approving licenses for U.S. companies to export most items to China's Huawei, signaling an escalating of the tech war.

    ECONOMIC NEWS: China's Manufacturing PMI Improves To 50.1 In December- The manufacturing sector in China turned to expansion in December, the latest survey from the National Bureau of Statistics said on Tuesday with a manufacturing PMI score of 50.1, up from 47.0 in November, moving it above the boom-or-bust line of 50 that separates expansion from contraction.

    The bureau also said that its non-manufacturing PMI came in at 54.4, up sharply from 41.6 in the previous month. The composite index posted a score of 52.9, up from 42.6 a month earlier.

    CURRENCY NEWS: China's yuan weakened against the dollar on Tuesday, despite firmer mid-point fixing by China's central bank. Prior to market opening, the People's Bank of China (PBOC) set the yuan's midpoint rate CNY=PBOC at 6.7604 per U.S. dollar, firmer than the previous fix 6.7626. In the spot market, the spot yuan CNY=CFXS opened at 6.7540 per dollar and was changing hands at 6.7560 at midday, 38 pips weaker than the previous late session close and 0.07% weaker than the midpoint.

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