Mainland China share market finished higher for second straight session on Friday, 09 June 2023, as investors sentiment underpinned on speculation that China's central bank would cut interest rates to spur economic activity. A report showing tame inflation stoked bets policymakers in Beijing taking steps to shore up economic recovery. China's leaders are expected to lay out economic goals to get growth back on track, restore confidence and avoid a build-up of financial risks
At close of trade, the benchmark Shanghai Composite index advanced 0.55%, or 17.82 points, to 3,231.41. The Shenzhen Composite Index, which tracks stocks on China's second exchange, climbed up 0.71%, or 14.12 points, to 2,006.45. The blue-chip CSI300 index added 0.43%, or 16.51 points, to 3,836.70.
ECONOMIC NEWS: Consumer prices in mainland China rose by 0.2% in May from a year earlier, quickening from a 0.1% pace in April, the National Bureau of Statistics (NBS) said on Friday. Meanwhile, producer prices fell 4.6% following a 3.6% drop in the previous month, deepening deflation.
CURRENCY NEWS: China's yuan depreciated against the dollar on Friday, despite firmer official guidance fixing. Prior to market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 7.1115 per dollar, firmer than the previous fix of 7.128. In the spot market, the yuan CNY=CFXS was changing hands at 7.1192 at midday, 72 pips weaker than the previous late session close and 0.11% weaker than the midpoint.
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