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  • China Market falls on downbeat data
  • April 12,2024  15:39
  • Mainland China share market finished session significantly in negative territory on Friday, 12 April 2024, on concerns about economic growth after the nation?s exports and its imports dropped more than expected in March.

    Official figures showed China's exports dropped 7.5% year-over-year, while its imports fell by 1.9% in March. Total trade in the world?s second-largest economy also slid 5.1% year-on-year to $500.8 billion. China?s trade surplus shrunk more than expected to $58.55 billion.

    Market sentiments also hurt by intensified U.S. crackdown on China's tech sector. The United States has added six Chinese companies to an export blacklist accusing them of seeking to acquire AI chips for China's military or helping to procure drones for use by Russia.

    Investors also looked ahead to a rate decision by the People's Bank of China on Monday, with the central bank expected leave the key policy rate unchanged.

    At close of trade, the benchmark Shanghai Composite index was down 0.49%, or 14.77 points, to 3,019.47. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.81%, or 13.88 points, to 1,707.71. The blue-chip CSI300 index sank 0.81%, or 28.40 points, to 3,475.84.

    ECONOMIC NEWS: China Inflation Eases 1% On Month In March- Consumer prices in China fell 1.0 percent on month in March, the National Bureau of Statistics said on Thursday. On a yearly basis, inflation rose 0.1 percent, slowing from 0.7 percent in the previous month. The bureau also said that producer prices were down 2.8 percent on year, following the 2.7 percent contraction a month earlier.

    CURRENCY NEWS: China's yuan was steady against the dollar on Friday, as tad firmer midpoint fixing by the central bank. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.0967 per U.S. dollar, firmer than the previous fix 7.0968. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2366 at midday, little changed from the previous late session close.

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