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Market Update: China Shares Stay in the Green
The Shanghai Composite Index added 6 points or 0.17% to close at 3,528 on Monday, as traders await PMI data for August later in the week. Investors were confident that policymakers will continue to support China’s economic recovery. The PBoC has injected a net CNY 120 billion into the banking system at the end of August, the largest weekly injection since the start of February. Earlier this month, the central bank left its key interest rates steady for a 16th straight month, as widely expected. In the US, Fed Chair Powell signaled the central bank will stay patient as it tries to nurse the economy back to full employment, giving no clues on the start of bond-buying tapering. The defense sub-index rose 3.7% after a US warship sailed through the Taiwan Strait Friday, with China calling the move provocative. In Hong Kong, shares gained 0.42%, gaining for the 2nd session, after Sinopec Corp unveiled plans to spend CNY 30 billion on hydrogen energy by 2025. [/s2If]
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