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  • China Market extends gains on Sino-U.S. trade hopes
  • June 20,2019  13:43
  • The Mainland China equity market advanced for second straight sessions on Thursday, 20 June 2019, on growing hopes for a trade deal between the two economic powerhouses as U.S. President Donald Trump and Chinese Xi Jinping are set to meet at the upcoming G-20 summit in Japan, which will happen next week. At closing bell, the benchmark Shanghai Composite Index rose 2.4%, or 69.32 points, to 2,987.12. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.95%, or 29.83 points, to 1,556.60. The blue-chip CSI300 index inclined 3%, or 112.58 points, to 3,828.52.

    On the U.S.-China trade front, hopes in Beijing appear to have risen for a trade deal between the two economic powerhouses. U.S. President Donald Trump and Chinese Xi Jinping are set to meet at the upcoming G-20 summit in Japan, which will happen next week. Trump said talks between the “respective teams” would begin prior to that. Trade tensions between the two economic powerhouses had worsened in recent weeks with both raising tariffs on billions of dollars worth of their goods. Trump had also previously suggested that additional levies could be imposed on more Chinese imports.

    Financial stocks led the advance, with brokerages and banks shooting up on optimism that regulators are stepping up support for interbank liquidity after the takeover of the troubled lender Baoshang Bank.

    Chinese liquor makers surged too, with Wuliangye Yibin (000858 SH), the industry's no. 2 player, soaring 6.1% to a historic intraday high of 112.35 yuan.

    Shares of Rare Earths players were lower. China Minmetals Rare Earths (000831 CH) fell 4%. China Northern Rare Earth Group High-Tech (600111 CH) lost 1.8%. Xiamen Tungsten (600549 CH) fell 1.6%.

    CURRENCY NEWS: China yuan was strengthened against greenback on Thursday, as the central bank kept its stronger guidance rate. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.8805 per dollar, 0.13% firmer than the previous fix of 6.8893.

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