Categories: Asia NewsBusiness

China Stock Market Trades Flat as Yuan Rate Strengthens

Chinese stocks were flat on August 14 as the central bank raised the trading range of the yuan.

China’s central bank set the yuan rate at 6.3975 per dollar compared to Thursday’s close of 6.3982.

The rate is set daily and allows a 4% fluctuation – over the past week, the bank had guided the yuan to a record low sparking fears of a currency war to help lagging Chinese exports.

The benchmark Shanghai Composite was flat at 3,947.47 points.

Following the mainland’s lead, Hong Kong’s Hang Seng also remained unchanged, trading flat at 24,005.92.

Japanese shares traded lower with the Nikkei 225 index closing 0.4% lower at 20,519.45 points.

Investors are anticipating next week’s release of Japan’s economic growth for the past three months.

In Australia, the S&P/ASX 200 also fell by 0.5% finishing at 5,360.90 points as investors took a cue from Wall Street’s flat close and the ongoing uncertainty over the yuan.

China’s currency is important to Australia as it is the main export market for the country’s natural resources.

In South Korea, the Kospi index remained closed on August 14 as the country will mark a national holiday on August 15.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

2 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

2 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago

Canada Expels 6 Indian Diplomats Amid Khalistan Row

India and Canada have decided to expel their top envoys along with other diplomats as…

3 weeks ago