Beijing
China and Hong Kong stocks rose on Monday as the yuan rebounded sharply against the dollar, propped up by suspected selling of dollars by state-owned banks. China’s inflation rate and the central government’s debt burden are relatively low, leaving room for further macro policy steps, Premier Li Qiang told an audience of global CEOs and Chinese policymakers on Sunday.
At the midday break on Monday, the Shanghai Composite index was up 0.44% at 3,061.36 points. China’s blue-chip CSI300 index was up 0.38%, with its financial sector sub-index gaining 0.09%. The consumer staples sector was down 0.6%, while the real estate index and the healthcare sub-index were up 3.04% and 0.67%, respectively. The yuan was quoted at 7.2029 per U.S. dollar, 0.36% firmer than the previous close of 7.229. The biggest percentage gainers in the main Shanghai Composite index were Kexing Biopharm, up 10.14%, followed by Metro Land Corp, gaining 10.11%, and Shanghai Xinhua Media, up by 10.09%. The biggest percentage losers in the Shanghai index were Shanghai New Power Automotive Technology, down 10.08%, followed by Shanghai New Power Automotive Technology, losing 10.04%, and Dali Pharmaceutical, down by 10.02%.
