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Closing Bell May 28, 2020


Sales Trader, International Business Division


In the PM session, market changed direction and moved upward. Till market closed, Shanghai Index jumped above yesterday level, but Shenzhen Index was still below that level. Comprehensive Finance and Non-Banking Finance led the gain. Agriculture and Medical led the fall. In total, both markets traded 578.29 billion RMB, up 0.89% dod.

OpenClose% Change(bn yuan)
CSI 3003848.493856.630.29139.11
SectorTop 1Led byTop 2Led by
Upward-leadingComprehensive Finance600318Non-Banking Finance601108


*Revenue Growth, R&D Spending Slow for China Internet Majors

Revenue growth and R&D spending slowed sharply at China’s major internet companies in the first four months of 2020, even as the coronavirus-induced lockdown increased demand for some internet-driven services like telecommuting, online education, and digital entertainment.

*China to Relax Border Controls for Flights from Singapore and Several Others

China will soon relax its border controls for Singapore and several countries, allowing certain categories of people to travel to some cities. Chinese state media on Wednesday reported that the Civil Aviation Administration of China (CAAC) will let domestic and foreign airlines apply for “green channels” for chartered flights to airports in the mainland.

*China Arrests Yuan Tumble with Stronger-Than-Expected Fixing

A stronger-than-expected fixing was enough to steady the yuan after increasing U.S.-China tensions sent the offshore rate toward a record low. The offshore yuan traded steady at 7.1809 a dollar as of 10:33 a.m. in Hong Kong after the People’s Bank of China set its fixing at 7.1277. While that was just slightly stronger than forecast, traders took it as a sign that the central bank would want to avoid rapid depreciation. The onshore rate, which is nearing its weakest since 2008, was also little changed.


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