China's main indexes barely changed on Thursday after a three-session winning streak, with investor attention largely diverted by a dramatic rebound in the offshore yuan. The bluechip CSI300 index was flat at 3,367.79 points, while the Shanghai Composite Index gained 0.2 percent to 3,165.41 points. Investors' were muted in their response towards a private survey showing that growth in China's services sector accelerated to a 17-month high in December.
Attention was squarely on the Chinese currency, which has rebounded sharply against the US dollar in the offshore market, sparking speculation that Beijing wants a firm grip on the yuan before President-elect Donald Trump's inauguration later this month. Sectors were mixed. Gains were led by transport and energy shares, while consumer and healthcare took a breather.
State-owned enterprise (SOE) reform was the main driver behind the rally of some heavyweight bluechips, as China vowed to push forward mixed-ownership reforms in several key sectors, including aviation, railway and telecommunications. SOE Reform bellwether China United Network Communications settled up 5.7 percent, within sight of an 16-month high hit on late December. The stock soared 89 percent since end September.
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