Chinese Shares Rise on Stronger Yuan Guidance; Zhongjin Gold Sinks 5%

MT Newswires Live07-24

Chinese shares rose Thursday on growing market confidence after the country's central bank helped guide the strength of the yuan.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.7% to 3,605.73. The Shenzhen Component Index jumped 1.2% to 11,193.06.

Before Thursday's market open, the People's Bank of China set the midpoint rate at 7.1385 yuan per dollar, stronger than the Reuters estimate of 7.1503 yuan per dollar.

The PBOC's stronger yuan fixing aimed to balance domestic needs with global factors, Reuters cited ANZ's senior China strategist Xing Zhaopeng as saying.

Xing added that a stronger yuan could attract more investment in Chinese assets, with the wealth effect possibly boosting spending and market sentiment as well as helping counter deflation.

In company news, Zhongjin Gold (SHA:600489) said six Northeastern University students died at its Wunugetushan copper-molybdenum mine in Inner Mongolia, China. Shares of the miner fell 5% Thursday.

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