China markets fall despite economic data beating expectations; Chinese yuan weaker than 7 against dollar

China markets fall despite economic data beating expectations; Chinese yuan weaker than 7 against dollar

Shares in the Asia-Pacific fell Friday as investors digest U.S. economic data and China’s industrial production and retail sales figures for August, which beat expectations.

The Shenzhen Component in mainland China briefly pared some losses after the data release but then extended losses and closed 2.303% lower at 11,261.50, and the Shanghai Composite was down 2.3% at 3,126.40.

The offshore Chinese yuan weakened past 7 against the dollar overnight, and last changed hands at 7.03.

The onshore yuan also crossed the 7 level in Asia’s morning trade after the People’s Bank of China set the daily midpoint at 6.9305 against the dollar. It was last at 7.0187 per dollar.

Japan’s Nikkei 225 fell 1.11% to 27,567.65, and the Topix index slipped 0.61% to 1,938.56.

In Australia, the S&P/ASX 200 declined 1.52% to 6,739.10. South Korea’s Kospi shed 0.79% to 2,382.78 and the Kosdaq lost 1.45% to 770.04.

Hong Kong’s Hang Seng index was down 0.8% in the final hour of trade.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.39%.

https://www.cnbc.com/2022/09/16/asia-markets-china-industrial-production-retail-sales-currencies.html


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