The mainland Chinese stock market ended the session higher on Wednesday, October 28, 2020, as sentiment was bolstered by hopes of a rapid economic recovery from the COVID-19 pandemic. However, market gains leveled off on news of the resurgence of coronavirus infections in the northwestern Xinjiang region.
At the close, the benchmark Shanghai Composite rose 0.46%, or 14.92 points, to 3,269.24. The Shenzhen Composite Index, which tracks shares of China’s Second Stock Exchange, added 0.68%, or 15.19 points, to 2,239.11.
The blue chip CSI300 index gained 0.81%, or 37.99 points, to 4,737.27.
CURRENCY NEWS: The Chinese yuan fell on Wednesday, in line with a softer mid-term fixation from the central bank. Before the market opened, the People’s Bank of China (PBOC) set the median rate CNY = PBOC at 6.7195 per dollar, 206 pips or 0.3% lower than the previous session’s patch of 6, 6989. In the spot market, the onshore CNY = CFXS yuan opened at 6.7140 to the dollar and changed hands at 6.7094 in the late afternoon, 49 pips weaker than the previous end of session close.
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