iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

China Stocks rebound on easing COVID-19 prevention measures

11 Nov 2022 , 02:43 PM

Mainland China share market finished session higher on Friday, 11 November 2022, snapping three days losing streak, after Chinese health authorities eased some of the COVID-19 curbs, including shortening quarantine times for close contacts of cases and inbound travelers. Market gains also supported by spurring expectations that the Peoples Bank of China to take additional steps to boost its economy by making its biggest cash injection via medium-term loans this year or by reducing banks reserve requirement ratio as Beijings strict Covid curbs continue to weigh. Most of market pundit expects PBoC to offer 1 trillion yuan one-year medium-term lending facility on Tuesday, matching the amount maturing this month, or lower banks reserve requirement ratio to aid the economy. At close of trade, the benchmark Shanghai Composite Index surged 1.68%, or 51.16 points, to 3,087.29. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, spurted 1.31%, or 26.13 points, to 2,017.96. The blue-chip CSI300 index increased 2.79%, or 102.75 points, to 3,788.44. ECONOMIC NEWS: Chinese banks extended 615.2 billion yuan ($84.86 billion) in new yuan loans in October, about a quarter of the 2.47 trillion yuan in September, data released by the Peoples Bank of China showed on Thursday, as COVID-19 outbreaks and a property sector downturn weighed on credit demand. CURRENCY NEWS: Chinas yuan appreciated against the dollar on Friday, inline with firmer midpoint fixing by Chinas central bank and expectations for slower Federal Reserve interest rate hikes. Prior to market opening on Friday, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1907 per dollar, 515 pips or 0.7% firmer than the previous fix 7.2422. In the spot market, the onshore yuan opened at a more than two-week high of 7.1600 per dollar before changing hands at 7.1710 by midday, 135 pips firmer than the previous late session close. Powered by Capital Market – Live News

Related Tags

  • capital market
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.