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  • China Market gains on strong Sept export growth
  • October 13,2021  16:36
  • The Mainland China share market finished session higher on Wednesday, 13 October 2021, as investors reacted positively data showed Chinese exports hitting a record high in September despite power shortages. However, market gains capped amid lingering worries of spreading debt contagion.

    At closing bell, the benchmark Shanghai Composite Index advanced 0.42%, or 14.83 points, to 3,561.76. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.29%, or 30.57 points, to 2,394.39. The blue-chip CSI300 index increased 1.15%, or 56.27 points, to 4,940.11.

    Shares of consumer companies advanced on valuation appeal and hope that government will loosen policies to counter an economic slowdown. Liquor distiller Luzhou Laojiao paced gains among consumer stocks. Offcn Education Technology surged by the 10 per cent daily cap after the State Council encouraged listed companies to engage in the industry.

    ECONOMIC NEWS: The Statistics and Analysis Department of the General Administration of Customs released report on Wednesday, showing that China's foreign trade value totalled 28.33 trillion yuan in the first three quarters of 2021, an increase of 22.7% on the year. Among them, the exports were 15.55 trillion yuan, up 22.7% year-on-year; the imports were 12.78 trillion yuan, up 22.6% year-on-year. China's foreign trade has achieved positive year-on-year growth for five consecutive quarters. Also, Customs data showed exports rose 28.1% to $305.7 billion in September, slightly faster than the 26% increase logged in August, while imports rose 17.6% to $240 billion, less than the previous month's 33% increase.

    CURRENCY NEWS: China's yuan was up against the U.S. dollar on Wednesday, despite weaker mid-point fixing by central bank, as data showed September export growth unexpectedly picked up. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.4612 per dollar prior to market open, weaker than the previous fix of 6.4447. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.4456 at midday, 16 pips stronger than the previous late session close.

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