Shares edge up as PBOC moves to bolster yuan

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August 15, 2015

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Shares edge up as PBOC moves to bolster yuan

By Ji Xiang | August 15, 2015, Saturday |

Print Edition

SHANGHAI stocks ended marginally higher yesterday after the central bank lifted the trading range of the Chinese currency for the first time in four days.

The Shanghai Composite Index closed up 0.3 percent at 3,965.34 points.

The People’s Bank of China yesterday raised the central parity rate by 35 basis points to 6.3975 yuan to the US dollar. The spot rate remained fairly stable at about 6.40.

The strengthening, which followed three days of falls that left the yuan down 4.7 percent against the dollar, eased concerns of a long-term depreciation. Despite the fears of analysts around the world, the central bank said on Thursday there were no grounds for a substantial depreciation of the yuan and promised to block any major swings.

Moody’s Investors Service said in a report yesterday that the size of the yuan’s depreciation, which followed the publication of data showing China’s exports fell 8.3 percent in July, was not enough to boost its currency competitiveness, as its real effective exchange rate has been appreciating for some time.

China’s exports are more in need of a recovery in demand in overseas markets that on currency values, it said.

Several companies in the country’s free trade zones performed well yesterday.

Shanghai Jinqiao Export Processing Zone Development Co, Shanghai Waigaoqiao Free Trade Zone Co and Suzhou New District Hi-Tech Industrial Co all recorded 10 percent gains to 26.81 yuan (US$4.20), 33.33 yuan and 10.59 yuan, respectively.

Meanwhile, Deng Ge, spokesperson for the China Securities Regulatory Commission, said that China Securities Finance Corp, which pumped a huge amount of money into the stock market, will not withdraw its funds in the short term.

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Shares edge up as PBOC moves to bolster yuan

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