China shares, yuan edge higher amid ongoing trade talks

Published: May 10, 2019 10:50:18 | Updated: May 13, 2019 12:18:50

File Photo (Collected)

Chinese shares and the yuan rose Friday on signs Beijing and Washington might still be able to avert a trade deal collapse.

In late morning trade, the benchmark Shanghai Composite index was up 1.3 per cent, having ended at an 11-week closing low in the previous session.

But that was down from earlier highs that saw the index rise as much as 2.6 per cent, reports Reuters.

China’s blue-chip CSI300 index was up 1.5 per cent, having earlier risen more than 3.0 per cent.

In Hong Kong, the Hang Seng Index was up 0.5 per cent while H-shares added 0.6 per cent.

The smaller Shenzhen index was up 1.8 per cent and the start-up board ChiNext Composite index was higher by 2.1 per cent.

China’s yuan was up 0.1 per cent at 6.8191 per dollar, despite China’s central bank setting the midpoint of the currency’s daily trading band at its weakest level in 3-1/2 months before the market open, at 6.7912 per dollar.

The offshore yuan strengthened in early trade, but by late morning had given up all its gains to trade at 6.8430 per dollar. It had weakened to a low of 6.8363 per dollar on Thursday.

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