Shares fall as weaker yuan fears abound
Print Edition
SHANGHAI stocks fell yesterday as investors were not impressed by the central government’s continued injection of funds which did not ease their worries about a weaker yuan.
The Shanghai Composite Index dropped 3.42 percent to 3,664.29 points.
The People’s Bank of China pumped 110 billion yuan (US$17.2 billion) into the market through a medium-term lending facility (MLF) after trading closed on Wednesday in a bid to maintain liquidity in the market.
The PBOC had pumped a net 150 billion yuan into the financial system on Tuesday and yesterday via two reverse repurchase agreements, the most since before the Chinese New Year.
The PBOC’s injections came after the authorities last week unveiled a new market pricing mechanism for the yuan.
But the continued fund injections did not diminish investor worries over a weaker Chinese currency, which could lead to fresh outflows of capital from the country.
China Avionics Systems Co tumbled by the daily 10 percent limit to 32.86 yuan, and AVIC Aviation Engine Corp declined 9.51 percent to close at 48.80 yuan.
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