SHANGHAI: China stocks rose on Thursday to end the week higher, boosted by Beijing's stimulative measures to underpin th
SHANGHAI: China stocks rose on Thursday to end the week higher, boosted by Beijing's stimulative measures to underpin the economy amid hopes of a thaw in Sino-U.S. trade frictions as the two countries granted concessions ahead of planned talks.
** The blue-chip CSI300 index ended up 1.1% at 3,972.38, while the Shanghai Composite Index closed 0.9% firmer at 3,031.24 points.
** China's stock market will be closed on Friday for the Mid-Autumn festival.
** For the week, CSI300 gained 0.6%, while SSEC was up 1.1%.
** U.S. President Donald Trump on Wednesday welcomed China's decision to exempt some U.S. anti-cancer drugs and other goods from its tariffs and announced a short delay to scheduled tariff hikes on billions worth of Chinese goods.
** China on Wednesday announced its first batch of tariff exemptions for 16 types of U.S. products, including some anti-cancer drugs and lubricants, as well as animal feed ingredients whey and fish meal, according to a statement from the Ministry of Finance on its website.
** Amid the protracted trade dispute with the United States, Beijing has been rolling out supportive measures, and investors are expecting more to come.
** Over the weekend, China's central bank cut the amount of cash that banks must hold as reserves for the third time this year, releasing 900 billion yuan in liquidity to shore up the flagging economy.
** China's factory-gate prices shrank at the sharpest pace in three years in August, data showed this week, while the country's auto sales fell for a 14th consecutive month, reinforcing the urgency for Beijing to step up economic stimulus.
** Despite the trade uncertainties, China is pushing ahead with the further opening up of its capital markets in a bid to attract more foreign money.
** China's foreign exchange regulator said on Tuesday that it had decided to scrap quota restrictions on two major inbound investment schemes.
** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.48%, while Japan's Nikkei index closed up 0.75%.
** At 0718 GMT, the yuan was quoted at 7.0895 per U.S. dollar, 0.37% firmer than the previous close of 7.1159.
** As of 0719 GMT, China's A-shares were trading at a premium of 29.25% over the Hong Kong-listed H-shares.