Shares fall as US rate rise to hit yuan
Print Edition
SHANGHAI stocks yesterday fell for a third straight day as the Chinese yuan is seen to weaken against the US dollar after the Federal Reserve said it would raise interest rates this year.
The Shanghai Composite Index shed 1.31 percent to 3,262.31 points.
The Fed said US economic activity has been expanding at a solid pace while its labor market conditions have improved further, with strong job gains and a lower unemployment rate.
The Fed said it is in no hurry to normalize its monetary policy stance. But it will act quickly if incoming data indicate faster progress than expected toward the Fed’s job and inflation goals.
Huatai Securities said the quick recovery of the US economy will boost the dollar which is set to hit the yuan.
Investors were also disheartened after the China Securities Regulatory Commission said late on Wednesday that it would regularly inspect margin trading of 46 brokerages.
Industrial Securities dropped 3.3 percent to 12.62 yuan (US$2.02), Huatai Securities lost 3.27 percent to 21.86 yuan, and Haitong Securities fell 3.2 percent to finish at 20.25 yuan.
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