The Mainland China shares finished lower for a second straight session on Tuesday, 08 December 2020, weighed down by persistent profit-taking amid lingering Sino-US tensions after the United States on Monday imposed financial sanctions and travel ban on 14 Chinese officials over their alleged role in Beijing's disqualification last month of elected opposition legislators in Hong Kong. However, market losses were contained after customs data showed that China's exports in November rose 21.1% from a year earlier, after 11.4% growth in October, while imports grew 4.5% last month from a 4.7% expansion in October.
At closing bell, the benchmark Shanghai Composite Index fell 0.19%, or 6.43 points, to 3,410.18. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.04%, or 0.93 point, to 2,293.98. The blue-chip CSI300 index was down 0.25%, or 12.35 points, to 5,009.88.
The United States on Monday imposed financial sanctions and travel ban on 14 Chinese officials over their alleged role in Beijing's disqualification last month of elected opposition legislators in Hong Kong.
The news came after the United States on Thursday added China's top chipmaker, SMIC, and oil giant CNOOC to a blacklist of alleged Chinese military companies.
China's senior diplomat Wang Yi said on Monday he hoped and believed that U. S. policy on China could eventually "return to objectivity and rationality".
CURRENCY NEWS: China's yuan weakened on Tuesday as safe-harbour demand for the dollar boosted the greenback. Before the market open, the People's Bank of China (PBOC) set the midpoint rate for the yuan's daily trading band CNY=PBOC at 6.532 per dollar, its firmest level since June 26, 2018. Spot yuan CNY=CFXS opened weaker at 6.5340 per dollar and was changing hands at 6.5361 at midday, 61 pips softer than Monday's late session close.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU