Shares rise as worries on yuan ease
Print Edition
SHANGHAI stocks rose for a third day in a row yesterday amid eased investor concerns over a yuan devaluation in the wake of the shock Brexit vote last week.
The Shanghai Composite Index rose 0.65 percent to 2,931.59 points.
The offshore yuan has declined more than 1 percent since Britain’s decision to leave the European Union — the biggest loss among Asian currencies — after China’s central bank fixed a weaker midpoint for three straight days.
The drop in the yuan has triggered worries about capital outflows as investors look for stable places to park their money.
In an effort to ease concerns over a possible sharp devaluation in the yuan, Shanghai Securities News and China Securities Journal, owned by the Xinhua news agency, published articles on their front pages which said that despite continuing weakness, there would not be a dramatic or long-term depreciation of the yuan and market expectations for the exchange rate remained stable.
Hu Yifan, chief China economist at UBS Wealth Management, yesterday said the People’s Bank of China will ensure the yuan is stable in the short term while tightening capital flows.
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