China Stocks Fall As Yuan Hits 2-Week Low
- Shanghai stocks lower, blue-chip CSI300 index down
- Henan Oriental Silver Star Investment top drag in Shanghai
- China’s A-shares at 18.39 pct premium over H-shares.
China stocks erased earlier gains and ended Wednesday lower as a weaker yuan pulled down prices of real estate developers and airliners.
The blue-chip CSI300 index fell 0.5 percent to 3,431.32 while the Shanghai Composite Index lost 0.4 percent to 2,787.26 points.
China’s yuan hit a two-week low against a broadly stronger U.S. dollar on Wednesday, breaching the key 6.7 per dollar level.
About 12.10 billion shares were traded on the Shanghai exchange, roughly 93.3 percent of the market’s 30-day moving average of 12.97 billion shares a day. The volume in the previous trading session was 10.54 billion. As of 07:21 GMT, China’s A-shares were trading at a premium of 18.39 percent over the Hong Kong-listed H-shares.
The Shanghai stock index is below its 50-day and 200-day moving averages. The price-to-earnings ratio of the Shanghai index was 12.08 as of the last full trading day while the dividend yield was 2.7 percent.
BUY HANG USDRMB AT: 6.7165, TAKE PROFIT AT: 6.7431, STOP LOSS AT: 6.6910