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Shares shed on yuan’s weakness
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SHANGHAI stocks dipped yesterday as the weakening of the yuan against the US dollar triggered concerns over a capital outflow.
The Shanghai Composite Index shed 0.29 percent to 3,510 points.
“The market was depressed in the short term as the yuan continued to depreciate against the US dollar and the sharp drop in China’s foreign reserves has increased liquidity risk,” said Sun Jianbo, chief strategist of China Galaxy Securities Research.
The Chinese currency fell against the greenback for seven consecutive sessions yesterday to its lowest level in more than four years. The weakening has sparked concerns of capital outflows especially as the US Federal Reserve is expected to raise interest rates this week for the first time since 2006.
Financial shares were also hit by profit-taking. Guotai Junan Securities lost 4.6 percent while CITIC Securities, China’s biggest brokerage, fell 3.8 percent.
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