Chinese Stocks End Muted Following News of Beijing's 10 Trillion Yuan Debt Issuance Plan

MT Newswires Live10-30

Chinese stocks decreased slightly on Wednesday trading after Beijing is reported to be mulling the issuance of more than 10 trillion yuan in new debt in the coming years.

The Shanghai Composite Index, the main gauge of Chinese stocks, fell 0.61%, or 20.17 points, to 3,266.24. The Shenzhen Component Index inched down 0.12%, or 12.48 points, to 10,530.85.

Beijing is looking to issue more debt in the next few years to support the economy, Reuters reported Tuesday, citing two sources familiar with the matter.

The first tranche of debt could be issued once former US President Donald Trump reclaims the White House, the report said.

China's top lawmaking body, the Standing Committee of the National People's Congress, could approve the issuance of 6 trillion yuan to be raised through special sovereign bonds during a meeting slated from Nov. 4 to 8, the report said, citing the sources.

Proceeds from the issuance could be used to pay off local government debt, Reuters said.

In corporate news, Aluminum Corp. of China (SHA:601600, HKG:2600) or Chalco's Shanghai shares closed 8% lower even after the company reported a 3% jump in third-quarter profit to 2 billion yuan on the back of a 16% increase in revenue to 63.1 billion yuan.

Elsewhere, Baoshan Iron & Steel's (SHA:600019) Shanghai shares fell 3% after its profit plummeted 65% in the third quarter to 133.8 billion yuan as revenue declined 6.5% to 7.961 trillion yuan.

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